Hindenburg Counters SEBI Chief Madhabi Puri Buch's Claims, Raises New Questions

Hindenburg research counterclaims by SEBI chairperson Madhabi Puri Buch. The tweets respond to SEBI Chief Madhabi Puri Buch and her husband Dhaval Buch's statement regarding Hindenburg's allegations on August 10, 2024. Hindenburg tweeted that SEBI was investigating Adani Group funds in which Chairperson Madhabi Puri Buch is allegedly invested, raising concerns of conflict of interest. Hindenburg claimed that Agora Advisory Limited (India) is owned by the SEBI Chairperson herself and not her husband. Furthermore, the SEBI Chairperson remained a 100% shareholder of Agora Partners Singapore until March 16, 2022. Hindenburg's thread questions if Dhaval Buch has used consulting entities since 2019 to transact with unnamed 'prominent clients' in Indian industry, possibly including entities regulated by SEBI. Hindenburg accused Buch and her husband of undisclosed investments in obscure offshore funds in Bermuda and Mauritius, allegedly used by Vinod Adani for fund round-tripping and stock price inflation. Notably, Madhabi became a full-time member of SEBI in 2017 before being appointed Chairperson in 2022.