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Hindenburg Research Report LIVE Updates: Hindenburg Research responded to SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, on the microblogging site X, addressing allegations from their August 10 report. The Buchs clarified that their 2015 investment in a fund occurred while they were private citizens living in Singapore, almost two years before Madhabi Buch’s appointment as a SEBI Whole Time Member. SEBI Chairperson Madhabi Puri Buch and Dhaval Buch issued a detailed response, strongly refuting the accusations made by Hindenburg Research on August 10. They emphasized their dedication to transparency and strict adherence to regulatory standards.
Hindenburg Research Report LIVE Updates: The Buchs highlighted their commitment to transparency and regulatory compliance in their statement, robustly countering the allegations.
In a series of tweets on X (formerly Twitter), Hindenburg Research responded to statements by SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, regarding allegations from August 10, 2024. The Buchs clarified that their 2015 investment in a fund was made while they were private citizens in Singapore, nearly two years before Madhabi Buch joined SEBI as a Whole Time Member.
The Buchs explained that their decision to invest in the fund was influenced by Anil Ahuja, the Chief Investment Officer, who was a childhood friend of Dhaval Buch and a seasoned investor with a notable career at Citibank, JP Morgan, and 3i Group plc. They asserted that the fund never invested in bonds, equities, or derivatives of Adani Group companies, a fact confirmed by Ahuja. However, Hindenburg quickly countered the Buchs’ explanation, stating that Madhabi Buch’s response contained significant admissions and raised critical new questions.
Hindenburg highlighted that the Buchs publicly confirmed her investment in what it described as an ‘obscure’ Bermuda/Mauritius fund structure, allegedly linked to funds siphoned by Vinod Adani. They noted that the fund was managed by Dhaval Buch’s childhood friend, an Adani director, suggesting a potential conflict of interest.
Hindenburg also pointed out that SEBI was tasked with investigating investment funds connected to the Adani Group, which might include funds Buch was invested in, raising questions about a conflict of interest.
Additionally, Hindenburg mentioned that Madhabi Buch claimed the consulting companies she established—one in India and another in Singapore—became dormant after her 2017 SEBI appointment. However, her husband took over the businesses in 2019. Hindenburg asserted that Madhabi Buch still owns 99% of the Indian entity, Agora Advisory Limited, which is active and generating consulting revenue. The Singaporean entity, Agora Partners Singapore, was entirely owned by Buch until March 16, 2022, during her SEBI tenure, before she transferred ownership to her husband shortly after becoming SEBI Chairperson.
