Investment in IIFL fund made before joining Sebi: Buchs

The Buchs said investment in a fund promoted by IIFL Wealth Management was as Singapore-based private citizens, and made 2 yrs before Madhabi joined Sebi

- BENN KOCHUVEEDAN

THE US-based short seller Hindenburg Research is attempting to attack the credibility of the market watchdog Sebi and indulging in character assassination of its chairperson, Madhabi Puri Buch and her husband Dhaval have said denying any wrong doings or suppression of facts.

In a detailed statement issued on Sunday evening in response to allegations made by Hindenburg, the Buchs said their investment in a fund promoted by IIFL Wealth Management was as Singapore-based private citizens, and made two years before Madhabi joined Sebi as a whole-time member.

They said Dhaval, a senior advisor with American private equity major Blackstone since 2019, is not associated with the real estate side of the US-headquartered investor. The statement also says that Madhabi's two consulting companies immediately became "dormant" upon her appointment at Sebi in 2017 as a whole-time member. "Hindenburg has been served a show cause notice for a variety of violations in India.