Mr & Mrs Buch rebuke Hindenburg’s charges
They term it a ‘character assassination attempt’ because an enforcement action and show cause notice was issued by Sebi to the Nate Anderson-led short selling company last month
Mr & Mrs Buch rebuke Hindenburg’s charges
Sebi chief Madhabi Puri Buch and her husband Dhaval Buch in a statement said: “It is unfortunate that Hindenburg Research against whom Sebi has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same”
Who Invested When
♦ Hindenburg alleged that Madhabi, her husband invested in offshore entities
♦ Which are allegedly part of a fund managed by India Infoline, in which Vinod Adani also had investments
♦ These investments reportedly date back to 2015
♦ Madhabi Puri’s appointment as whole-time member of Sebi in 2017
♦ Subsequent elevation as chairperson in March 2022
New Delhi: Securities and Exchange Board of India (Sebi) Chairperson Madhabi Puri Buch and her husband Dhaval Buch strongly denied the allegation levelled by Hindenburg Research against them, calling it a ‘character assassination attempt’ because an enforcement action and show cause notice was issued to the Nate Anderson-led company last month.
In a statement, they said: “It is unfortunate that Hindenburg Research against whom Sebi has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same”.
The markets regulator last month said that Hindenburg and Anderson violated regulations under ‘Sebi’s Prevention of Fraudulent and Unfair Trade Practices’ regulations, and Sebi’s Code of Conduct for Research Analyst’ regulations.
According to the joint statement issued by the couple, “in the context of allegations made in the Hindenburg Report dated August 10, 2024, against us, we would like to state that we strongly deny the baseless allegations and insinuations made in the report”.
“Further, in the interest of complete transparency, we would be issuing a detailed statement in due course,” they added. Short-sellers like Hindenburg Research could find themselves in hot water, as even the US market regulator, the Securities and Exchanges Commission (SEC), has been tightening its grip.
US short-seller Hindenburg Research has alleged that it suspects Sebi’s unwillingness to act against Adani Group may be because of its head Madhabi Puri Buch had stakes in offshore funds linked to the conglomerate - an allegation that the Sebi head called ‘baseless’ and an attempt of ‘character assassination’.
