Big disclosure in Hindenburg report: Big allegation on SEBI chairperson

What is in Hindenburg's report?

Sunday, August 11, 2024

The Hindenburg Research report states that the SEBI chairperson has stakes in offshore companies that were used in the alleged financial irregularities of the Adani Group.

It states that till date SEBI has not taken any action against Adani's other suspicious shareholder companies which are operated by India Infoline's EM Resurgent Fund and India Focus Fund.

The report states that due to this conflict of interest of the SEBI chairperson, the transparency of the market regulator has become questionable. Concerns are being raised in the report about SEBI's leadership.

Hindenburg has said that the offshore funds that have been involved in the financial irregularities of the Adani Group are quite vague and have complex structures.

The report has raised questions on Madhabi Puri Buch's personal interests and her role as the head of the market regulator. Hindenburg Research has said that the investigation conducted by SEBI regarding the Adani Group should be thoroughly investigated.

Hindenburg Research has said that according to the documents it has received from the whistleblower, a few weeks before his appointment to SEBI, Madhabi Puri Buch's husband Dhawal Buch had emailed Mauritius fund administrator Trident Trust. It mentioned his and his wife's investment in the Global Dynamic Opportunities Fund.

Hindenburg's report said that before Madhabi Puri Buch became SEBI chairman, her husband had requested that he would operate the joint account. This means that he wanted to remove all the assets from his wife's account before Madhabi Puri Buch became SEBI chairman.

Since the post of SEBI chairman is politically very sensitive, her husband might have taken this step.

Hindenburg's research report says, "The account dated 26 February 2018 addressed to Madhabi Puri Buch's personal email contains the complete structure of her fund. The name of the fund is "GDOF Cell 90 (IPEplus Fund 1)". This is a Mauritius registered fund 'cell' which was part of the complex structure of funds used by Vinod Adani."

Hindenburg has said that at that time, the total share of Madhabi Puri Buch's husband Dhawal Buch in that fund was $ 872762.65.

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