Madhabi Puri Buch, the Chairperson of the Securities and Exchange Board of India (SEBI), and her husband Dhaval Buch have firmly denied recent allegations made by Hindenburg Research, a US-based short-selling firm. The accusations claim that the couple held stakes in offshore entities allegedly tied to financial misconduct by the Adani Group. These allegations have been labeled as baseless by the Buchs.

Hindenburg’s Allegations

Hindenburg Research’s latest report, released on August 10, 2024, alleges that the Buchs owned interests in offshore entities connected to Vinod Adani, the elder brother of Gautam Adani. These entities were purportedly part of a network involved in “siphoning money.” The report further questions SEBI’s impartiality in its ongoing investigation into the Adani Group, suggesting potential conflicts of interest due to these alleged connections.

SEBI Chief Madhabi Puri Buch And Her Husband Deny Allegations

In response to these serious allegations, Madhabi Puri Buch and Dhaval Buch issued a statement denying the claims. “The same are devoid of any truth. Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years,” they stated, as reported by PTI. 

The Buchs further asserted their willingness to cooperate fully with any investigative authority. “We have no hesitation in disclosing any and all financial documents, including those from the period when we were strictly private citizens,” they added. 

The couple also mentioned that a more detailed statement addressing the allegations would be issued in due course.