Indian market regulator chief held investments in offshore funds used by Adani Group: Report

​​​​​​​By Ahmad Adil

NEW DELHI (AA) - Securities and Exchange Board of India (SEBI) Chairperson Madhabi Buch and her husband held stakes in obscure offshore funds used in the "Adani money siphoning scandal," US short-seller Hindenburg Research alleged Saturday.

It said 18 months after an Adani Report, “SEBI has shown a surprising lack of interest in Adani’s alleged undisclosed web Of Mauritius and offshore shell entities.”

Hindenburg released a report in January 2023 alleging that Indian conglomerate Adani Group “has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.” The Adani group has denied the allegations.

The report led to an inquiry of SEBI, which is still underway.

Hindenburg, citing "whistleblower documents," 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."

Buch and her husband, however, denied the allegations late Saturday, terming them as “baseless” and said their “finances are an open book.”

“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,” said the couple.

Indian main opposition party, the Indian National Congress, said the “government must act immediately to eliminate all conflict of interest in the SEBI investigation of Adani.”