Sebi Chief Madhabi Puri Buch: Hindenburg Research Allegations on Adani Group Are False

Sebi Chief Responds to Hindenburg Research

Madhabi Puri Buch, the head of the Securities and Exchange Board of India (Sebi), disseminated a statement on Friday asserting that she has adhered strictly to all disclosure and recusal guidelines prescribed by the regulator. In her remarks, she emphatically denied the charges leveled against her, characterizing them as entirely false, malicious, and derogatory.

Allegations of Conflict of Interest

• Buch has faced scrutiny from Hindenburg Research and political parties regarding alleged conflicts of interest in probing the Adani Group.
• She clarified that she never addressed any matters involving several major firms, including ICICI Bank and the Mahindra Group, after assuming office.
• According to Buch, the allegations represent a serious encroachment on her privacy rights and invoke illegitimacy concerning income tax investigations against her.

Political Backlash

The Congress party has charged Buch with breaches in ethics and accountability, particularly in her relations with ICICI Bank. While Buch continues to face allegations, ICICI Bank reiterated that she did not receive a salary post-superannuation in 2013, other than her retiral benefits.

Criticism from Prominent Figures

The criticisms don’t end there, with notable industry figures like Subhash Chandra questioning Buch’s integrity, claiming she acted against minority shareholders' interests during the Zee-Sony merger talks.

Although these allegations have been prominently reported, authorities maintain that due diligence is vital to preserve market integrity.