Hindenburg Research alleges SEBI chief Madhabi Puri Buch's firm illegally accepted payments from listed entities

Capital markets regulator SEBI Chairman Madhabi Puri Buch is struggling against some serious allegations, including conflict of interest and misuse of power. Now, amid this, US-based firm Hindenburg Research has alleged a fresh set of charges against Madhabi Puri Buch. The firm has accused Madhabi Puri Buch-owned private consulting entity of accepting payments from several listed companies regulated by SEBI during her assignment as a whole-time member. This was mentioned in a post by Hindenburg Research on X (formerly Twitter). It said that the consulting entity is 99 percent owned by Buch and is based in India. 

Hindenburg named Mahindra & Mahindra, ICICI Bank, Dr Reddy’s Laboratories, and Pidilite Industries as among the companies that allegedly paid the consulting firm.

Hindenburg Research said, "These allegations pertain to Buch's Indian consulting entity; no details have emerged regarding her Singapore-based consulting entity." 

Hindenberg Research, previously, in an August 10 report accused Buch and her husband Dhaval Buch of holding investments in offshore funds, that the Adani Group also utilised. This claim has been denied by the couple. The report also suggested that there was a possible conflict of interest in her investigations into the conglomerate because of these investments.

"Buch has maintained her silence for weeks on all emerging issues," Hindenburg wrote on Wednesday.

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