SEBI chief Madhabi Buch, husband deny Hindenburg allegations
The duo said while their finances are an open book, they are ready to disclose any private financial documents to any authority that may seek them
Chief of the Security and Exchange Board of India (SEBI), Madhabi Puri Buch, and her husband on Saturday (August 10) denied allegations levelled against them by short seller Hindenburg as baseless and asserted that their finances are an open book.
In a statement, Madhabi Puri Buch and her husband Dhaval Buch also 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.
Findings of Hindenburg report
US short-seller Hindenburg Research in a fresh blogpost, has alleged that Buch, the chairperson of SEBI and her husband had stakes in obscure offshore funds used in the Adani money siphoning scandal.
Hindenburg said 18 months since its damning report on Adani, "SEBI has shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities."
Citing "whistleblower documents", it said, "Madhabi Buch, the current chairperson Of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani money siphoning scandal."
‘Strongly deny allegations’
Responding to the allegation, the couple said that they strongly deny them.
"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," they said in the statement.
"The same are devoid of any truth. Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years," the statment said.
'Can disclose documents to authorities'
The Buchs said they 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," they added.
(With inputs from agencies)
