The American short-selling firm Hindenburg has launched a scathing attack on Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India (SEBI), over alleged involvement in the Adani Group scandal. On Saturday, Hindenburg published a report accusing Buch of complicity in the fraud case.
In response, Madhabi Puri Buch vehemently denied the allegations. She clarified that SEBI is prepared to present any required financial documents and stated that SEBI has already taken enforcement action against Hindenburg Research, including issuing a show-cause notice. Buch accused the firm of attempting to defame SEBI and herself in their rebuttal.
Following Buch’s response, Hindenburg fired back with a new social media post on X, suggesting that Buch’s reply indicates acceptance of several points raised by the firm. Hindenburg claimed that Buch’s response raises further questions and alleged that she used a personal email for official business while at SEBI. The firm also accused Buch and her husband, Dhawal Buch, of opening an account with IPE Plus Fund 1 in Singapore on June 5, 2015, and investing a total of ₹82 crore. Hindenburg cited whistleblower documents to support these claims.