Hindenburg renews allegations against India`s market regulator

(MENAFN) Hindenburg Research, the United States-based investment research firm known for its critical stance on Indian conglomerate Adani Group, has renewed its allegations against India’s market regulator, the Securities and Exchange Board of India (SEBI). The firm has accused Madhabi Puri Buch, the head of SEBI, of having financial ties to offshore funds associated with Adani Group, a charge Buch has strongly refuted.

According to Hindenburg, whistleblower documents indicate that Buch and her husband, Dhaval Buch, invested in a Bermuda-based fund with connections to Adani Group. Hindenburg claims that the Buchs' investments were minor but significant enough to suggest potential conflicts of interest. However, the fund’s asset manager has countered this assertion, stating that the Buchs' holdings constituted less than 1.5 percent of the fund’s total inflow, and neither Mrs. Madhabi Buch nor Mr. Dhaval Buch had any role in the fund’s operations or investment decisions.

This development adds a new layer to the ongoing scrutiny faced by both Adani Group and Hindenburg Research. Currently, investigations are underway by SEBI into the allegations surrounding Adani Group's financial practices. The conglomerate has dismissed the new accusations from Hindenburg as unfounded attempts to tarnish its reputation and undermine its business operations.

The renewed allegations are likely to escalate the high-profile conflict between Hindenburg and Adani Group, drawing increased attention to the regulatory framework in India and the scrutiny of corporate governance practices. The ongoing feud highlights the tense and complex dynamics at play within India's financial and regulatory landscape.

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