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Hindenburg Accuses SEBI Chair, Dhaval Buch of Adani Conflict of Interest

Aug 11, 2024, 03:06 AM

Hindenburg Research has released a report alleging that Madhabi Puri Buch, the Chairperson of India's Securities and Exchange Board (SEBI), and her husband, Dhaval Buch, held stakes in offshore funds linked to the Adani Group's alleged financial misconduct. The report claims these stakes were in obscure offshore entities used in a money siphoning scandal involving the Adani Group, specifically mentioning Vinod Adani. Additionally, it is alleged that SEBI regulations around REITs benefited Blackstone, where Dhaval Buch was a Senior Advisor. Hindenburg suggests that these connections may have led to a conflict of interest, potentially affecting SEBI's regulatory oversight. Both Madhabi Puri Buch and Dhaval Buch have denied the allegations, describing them as baseless and devoid of truth. The Adani Group has also refuted the claims, labeling them as malicious and manipulative.