Hindenburg notes SEBI chief’s ‘complete silence’ on mounting allegations

Hindenburg Research has commented that SEBI chief Madhabi Puri Buch has maintained “complete silence” on the mounting allegations against her for weeks.

“Buch has maintained her complete silence for weeks on all of the emerging issues,” the US-based short-seller has said in a post on X.

Hindenburg wades in

"New allegations have emerged that the private consulting entity, 99 per cent owned by Buch, accepted payments from multiple listed companies regulated by SEBI during her time as SEBI wholetime member.

“The companies include Mahindra & Mahindra, ICICI Bank, Dr. Reddy’s and Pidilite. These allegations apply to Buch's Indian consulting entity with no details thus far on Buch's Singapore-based consulting entity."

The Hindenburg comment follows Congress allegations that a consultancy firm promoted by Buch earned about Rs 3 crore and that most of the money came from Mahindra & Mahindra.

Congress allegations

The Congress said she holds 99 per cent of the consultancy Agora Advisory Pvt Ltd, “which has been actively providing advisory/consultancy services till date".

Congress spokesperson Pawan Khera said: “This isn't just a case of wilful concealment; it's a case of wilful lying… It is not merely a conflict of interest; it is a case of corruption.

Mahindra Group denies

He added that the latest revelations “will prove that it is not just corruption — it is a criminal conspiracy, absolutely brazen and shameless in its execution”.

While Buch has not reacted, Mahindra Group has said: “We consider these allegations false and misleading in nature.”

Hindenburg was the first to claim that Buch and her husband had stakes in obscure offshore funds used in the alleged Adani money-siphoning scandal.