Months after making serious allegations against Gautam Adani, US-based short seller Hindenburg Research has now targeted the Securities and Exchange Board of India (SEBI) in its latest report. Hindenburg claims that SEBI Chairperson Madhabi Puri Buch is linked to the Adani scandal. According to the report, documents from a whistleblower suggest that offshore entities used in the Adani money siphoning scandal involved SEBI's chairperson.
Madhabi Puri Buch has denied these allegations, calling them baseless and an attempt to tarnish her reputation.
The American firm claims these offshore funds, based in Bermuda and Mauritius, were controlled by Vinod Adani, Gautam Adani's elder brother, and were used to inflate Adani Group companies' stock prices. Hindenburg cited an IIFL document estimating the couple's net worth at $10 million, with their investments reportedly coming from salary income.
According to a Zee Business report, in response to these new accusations, the Adani Group is reportedly planning to position a favourable candidate as the next SEBI Chairman. Dinesh Khara, the recently retired Chairman of the State Bank of India (SBI), is a potential candidate. The Adani Group aims to strengthen its position within SEBI to safeguard its business from regulatory actions.
According to the report, the push for a new SEBI Chairman is seen as a strategy to manage potential regulatory scrutiny. While there has been no official confirmation from the government, the speculation about Khara's appointment continues to gain traction.
