Sebi chief Madhabi Buch's first reaction to Hindenburg report...
Sebi chairperson Madhabi Buch and her husband responded to the US-based short-seller Hindenburg Research's claim that they own shares in an adani Group-run offshore operation by accusing the American company of trying to destroy their reputation in response to an "Enforcement action" taken against it by the market regulator. The couple was associated with "both the obscure offshore entities used in the adani money siphoning scandal" on Saturday, according to the US-based corporation.
The pair issued a statement in which they refuted the report's "baseless allegations and insinuations." Our finances and personal lives are transparent. Over the years, SEBI has already received the necessary disclosures. We will not hesitate to provide any and all financial records to any entity that requests them, even those that pertain to our time as solely private people. Additionally, we would be releasing a thorough statement in due course to provide total transparency," they stated. They claimed that by taking this step, the company was exacting revenge.
What accusations does Hindenburg have against Madhabi Buch and the adani Group?
The adani Group allegedly functioned with "total confidence" without fear of significant regulatory intervention, according to Hindenburg. They claimed that the conglomerate's purported connection to Madhabi Buch would explain the attitude. "What we hadn't realized: the current SEBI Chairperson and her spouse, Dhaval Buch, had concealed stakes in the exact similar opaque offshore bermuda and mauritius funds, discovered in the same complex nested structure, used by Vinod adani," the hedge fund's report stated.
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