SEBI Defends Chairperson Amidst Hindenburg Allegations Against the Adani Group

SEBI has nearly completed investigations into allegations against the Adani group, refuting claims of bias due to the SEBI chairperson Madhabi Puri Buch’s alleged undisclosed offshore investments. Hindenburg Research's accusations of inflated Adani stock prices are firmly denied by both SEBI and the Adani group, with ongoing legal proceedings against Hindenburg.

SEBI announced on Sunday that it has almost finished investigating accusations against the Adani group, countering claims from US short-seller Hindenburg Research of delayed probes due to SEBI chair Madhabi Puri Buch's alleged investments in questionable funds—a charge SEBI refuted as baseless character assassination.

Hindenburg's January 2023 report accused Adani of using offshore funds to inflate stock prices and failing to disclose related party interests. SEBI confirmed that it has investigated these claims, undergoing significant scrutiny with over 100 summons issued and 12,000 document pages reviewed, completing all but one investigation.

Additionally, SEBI defended Buch, underscoring her compliance with disclosure norms and recusal from relevant matters. The Adani group also dismissed Hindenburg's allegations as rehashed and disproven claims, asserting full transparency in their operations, as political and market entities continued to react to the unfolding drama.