SEBI chief dismisses Hindenburg report as 'character assassination'

Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch has vehemently denied allegations made by US-based short-seller Hindenburg Research, terming it as 'character assassination' bid.

Citing whistleblower documents, the short-seller has claimed that SEBI chairperson Buch had a stake in obscure offshore entities used in alleged Adani money laundering case.

"Despite the existence of thousands of mainstream, reputable onshore Indian mutual fund products, an industry she now is responsible for regulating, documents show SEBI chairperson Madhabi Buch and her husband had stakes in a multi-layered offshore fund structure with miniscule assets, traversing known high-risk jurisdictions, overseen by a company with reported ties to the Wirecard scandal, in the same entity run by an Adani director and significantly used by Vinod Adani in the alleged Adani cash siphoning scandal," Hindenbug report released on August 10 claimed.

The SEBI chairperson has strongly denied the allegations, terming it 'baseless and insinuation'.

"Our life and finances are an open book. All disclosures, as required, have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. Further, in the interest of complete transparency, we would be issuing a detailed statement in due course," Buch said.

She further added, "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."

Meanwhile, the main opposition Congress party has demanded immediate action by the government to eliminate all conflicts of interest in the SEBI investigation of Adani group.

"The government must act immediately to eliminate all conflicts of interest in the SEBI investigation of Adani. The fact is that the seeming complicity of the highest officials of the land can only be resolved by setting up a JPC (Joint Parliamentary Committee) to investigate the full scope of the Adani MegaScam," Congress General Secretary in-charge Communications Jairam Ramesh said.(UNI)<>