Hindenburg vs Adani Saga: Silent on fresh allegations, Madhabi Puri Buch reportedly cancels appearance at Mumbai event

Amid a barrage of serious allegations against her including misuse of power and conflict of interest, SEBI Chairperson Madhabi Puri Buch decided not to attend a Mumbai event where she was scheduled to speak as the keynote speaker. This comes at a time when Buch has not publicly responded to a string of fresh allegations against her levelled by Hindenburg Research since rubbishing an August 10 report by the US-based short-seller as attempts at “character assassination”. 

Buch cancelled her appearance at the NaBFID Infrastructure Conclave in Mumbai where she was listed as a keynote speaker, news agency Press Trust of India reported. 

On Wednesday, Hindenburg took to microblogging site X (formerly Twitter) to question the current SEBI chief’s "complete silence" on fresh allegations of impropriety, conflict of interest and accepting payments from companies while serving as a member of the market regulator.

Buch took over as Chairperson of Sebi in March 2022, having previously served as a whole-time member of the regulator since April 2017.

New allegations have emerged that the private consulting entity, 99% owned by SEBI Chair Madhabi Buch, accepted payments from multiple listed companies regulated by SEBI during her time as SEBI Whole-Time Member.

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

— Hindenburg Research (@HindenburgRes) September 11, 2024

On Wednesday, the Indian National Congress (INC)—the country's main opposition party—reiterated its demand for the formation of a Joint Parliamentary Committee (JPC) to probe alleged corruption related to the Adani conglomerate. The grand old party reiterated its call for such a probe to uncover the full extent of the corruption, monopolisation, and glaring gaps in the country's regulatory system.

ALSO READ: Hindenburg vs Adani Saga | Madhabi Puri Buch should step down, situation not good for Sebi's reputation, says former Finance Secretary SC Garg

The August 10 report by Hindenburg accused Buch and her husband Dhaval Buch of having previously held investments in offshore funds also used by the Adani Group, charges categorically denied by the couple.

That report came roughly 18 months after the US-based firm alleged that the Adani group improperly used tax havens and engaged in stock manipulation, accusations denied by the group, sending the conglomerate's group stocks plunging. The group stocks have since made a partial recovery. Read more

Meanwhile, many financial experts have raised serious concerns about Buch's conduct during her tenure at SEBI.