News: Hindenburg Research Accuses SEBI Chief of Adani Scam Connections
New Delhi, August 11, 2024 – Hindenburg Research, a US short selling company, has accused Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri and her husband Dhawal Buch of having connections with the alleged Adani scam. The report cites documents to claim that the couple had stakes in offshore funds that received large investments from Gautam Adani’s brother Vinod Adani.
Allegations:
Adani Connection: Hindenburg alleges that Madhabi and Dhawal took stakes in funds in Bermuda and Mauritius, including the IPE Plus Fund, which was established by Adani Director through India Infoline. The report claims that Madhabi emailed these funds from her private account to sell units.
Changes in rules to benefit REITs: The report accuses Madhabi of influencing SEBI regulations to benefit Real Estate Investment Trusts (REITs) while her husband was a senior advisor at Blackstone.
* Earning from consulting firm: Hindenburg claims Madhabi was a 99% stakeholder in a consulting firm called Agora Advisory, and earned significantly more than her SEBI salary.
SEBI and Madhabi’s Response:
The SEBI and Madhabi Puri have jointly termed the allegations baseless. They issued a statement denying any wrongdoing and claiming the allegations are false. They stated that their financial situation is open to scrutiny and would provide any documents requested by authorities.