Hindenburg vs Adani Saga: Silent on new allegations, Madhabi Puri Buch reportedly cancels her presence at Mumbai event

Due to a barrage of serious allegations against her, including abuse of office and conflict of interest, SEBI Chairperson Madhabi Puri Buch has decided not to attend an event in Mumbai where she was scheduled to speak as a keynote speaker. The move comes at a time when Buch has not publicly responded to a series of fresh allegations levelled against her by Hindenburg Research since she dismissed an August 10 report by the US-based short-seller as attempts at “defamation”.

Buch has cancelled her attendance at the NaBFID Infrastructure Conclave in Mumbai, where she was scheduled to be a keynote speaker, the Press Trust of India news agency reported.

On Wednesday, Hindenburg took to microblogging site X (formerly Twitter) to question the current SEBI chief’s “complete silence” on fresh allegations of irregularities, conflicts of interest and accepting payments from companies while he was a member of the market regulator.

Buch took over as Sebi chairman in March 2022, after serving as a full-time member of the regulator since April 2017.

Fresh allegations have emerged that the private advisory entity, 99% owned by SEBI Chairperson Madhabi Buch, accepted payments from several listed companies regulated by SEBI during her tenure as a full-time member of SEBI.

The companies include: Mahindra & Mahindra, ICICI Bank, Dr.…

— Hindenburg Research (@HindenburgRes) September 11, 2024

The country’s main opposition Indian National Congress (INC) on Wednesday reiterated its demand for a Joint Parliamentary Committee (JPC) to probe allegations of corruption linked to the Adani conglomerate. The grand party reiterated its call for such an inquiry to expose the extent of corruption, monopolisation and glaring loopholes in the country’s regulatory system.

ALSO READ: Hindenburg vs Adani Saga | Madhabi Puri Buch should resign, situation not good for Sebi’s reputation, says former finance secretary SC Garg

This month, the INC levelled a series of accusations against Buch, also providing a series of details about his past association with ICICI Bank that raised serious questions about his leadership at the helm of the market watchdog, and demanded urgent clarification from three parties: Buch, the market regulator and the Centre. Learn more

Hindenburg’s August 10 report accused Buch and her husband Dhaval Buch of previously holding investments in offshore funds also used by the Adani group, accusations the couple categorically denied.

The report comes about 18 months after the US-based company alleged that Adani Group had misused tax havens and engaged in stock market manipulation, charges the group denied, sending the conglomerate’s shares into a tailspin. The group’s shares have since staged a partial recovery. Learn more

Meanwhile, many financial experts have expressed serious concerns about Buch’s conduct during his tenure at SEBI.