Hindenburg Row: Did Sebi chief Madhabi Buch disclose fund linked to Adani? Report says...

The controversy surrounding SEBI chief Madhabi Puri Buch has raised questions about her conduct in handling potential conflicts of interest, especially in relation to the Adani Group investigations. Key concerns include whether she fully disclosed her financial interests to the government and if she recused herself from cases where she or her husband had a direct or indirect stake.

According to an Indian Express report, former SEBI chairpersons and board members pointed out that it’s crucial to understand if Buch made the necessary disclosures and followed the recusal process while dealing with sensitive cases. They emphasised that her role as SEBI chief during ongoing probes into Adani-related entities demands transparency.

SEBI had issued a statement asserting that Buch had adhered to all disclosure and recusal norms, stating that she and her husband, Dhaval Buch, followed the necessary procedures diligently. They highlighted that Buch had recused herself from matters involving potential conflicts of interest, including her husband’s association with Blackstone Group.

However, doubts remain about whether Buch stepped aside from the Adani Group investigations, as her statement did not explicitly confirm this. The public information suggests that her tenure at SEBI coincides with the regulator's probe into 13 offshore entities holding stakes in Adani Group companies.

According to the report, former regulators have drawn comparisons to past instances where SEBI chiefs recused themselves over potential conflicts, stressing the importance of transparency in such matters.