Hindenburg Research questions SEBI chief's silence on fresh charges

Hindenburg had last month alleged that SEBI chairperson Buch's previous investments & dealings may be behind the slow probe against Adani Group

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US-based short seller Hindenburg Research has questioned SEBI chief Madhabi Puri Buch’s “complete silence” on fresh allegations of impropriety, conflict of interest and accepting payments from companies while serving as a member of the market regulator.

Hindenburg, which had in January 2023 accused Adani Group of using tax havens to sidestep local market regulations, had last month alleged that Securities and Exchange Board of India (SEBI) chairperson Buch’s previous investments and dealings may be behind the slow probe against the conglomerate.

While Buch and the Adani Group had denied last month’s allegations, the opposition Congress party has in recent days made a series of allegations against Buch including holding 99 per cent shares in a company “actively providing advisory/consultancy services till date” and her husband Dhaval Buch earning income from companies that were being adjudicated by her.

Buch, who has so far not responded to the allegations, on Thursday cancelled her appearance at the NaBFID Infrastructure Conclave in Mumbai. She was listed as a keynote speaker at the conclave.