August 12th 2024.
On Monday, the Finance Ministry responded to the recent report released by Hindenburg Research, a US-based short-seller, regarding the chairperson of the Securities and Exchange Board of India (SEBI), Madhabi Puri Buch. The Ministry stated that they have nothing further to add to the statements already given by SEBI and Buch herself.
According to Hindenburg's report, Buch and her husband were allegedly involved in offshore funds that were used in investments in Adani companies. Economic Affairs Secretary Ajay Seth addressed the media and stated that the Ministry stands by the statements made by SEBI and Buch, and do not have anything to add on the matter.
In their report, Hindenburg accused Buch and her husband of having undisclosed investments in offshore funds in Bermuda and Mauritius, which were also allegedly used by Vinod Adani, the elder brother of group chairman Gautam Adani, to inflate stock prices. However, Buch and her husband released a joint statement strongly denying these allegations, stating that they are baseless and lacking any truth.
SEBI also released a statement defending Buch, stating that she has made all necessary disclosures and has recused herself from any matters that may present a conflict of interest. The Adani group also denied any commercial dealings with Buch, while wealth management entity 360ONE (formerly known as IIFL Wealth Management) clarified that Buch and her husband's investment in IPE-Plus Fund 1 was less than 1.5% of the total inflow and did not include any investments in Adani Group shares.
Furthermore, Buch clarified that these investments were made in 2015, before her appointment as a whole-time member of SEBI in 2017 and her subsequent elevation as chairperson in March 2022. She also stated that they were made as private citizens living in Singapore, and not in her capacity as a member of SEBI. This information was released by the Press Trust of India (PTI).
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