'Madhabi Puri Buch made relevant disclosures': Sebi on Hindenburg report
12 Aug 2024, 03:37 PMAlso, Madhabi Puri Buch and her husband Dhaval Buch, in a joint statement, described the Hindenbirg claims as "baseless allegations and insinuations" devoid of truth.
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Sebi on Sunday responded to the Hindenburg report saying the chairperson Madhabi Puri Buch made "relevant disclosures" from time to time and recused herself in matters involving conflict of interest.
"It is emphasized that Sebi has adequate internal mechanisms for addressing issues relating to conflict of interest, which include disclosure framework and provision for recusal. It is noted that relevant disclosures required in terms of holding securities and their transfers have been made by the chairperson from time to time. The chairperson has recused herself in matters involving potential conflicts of interest," Sebi said in its statement.
Rejecting the claims made by the US-based short seller, the market regulator said that "allegations brought forth by Hindenburg Research against the Adani Group have been thoroughly investigated by Sebi."
It also stated, "Hon'ble Supreme Courp in its order of January 3, 2024, noted that Sebi had completed twenty-two out of twenty-four investigations into the Adani Group. Subsequently, one more investigation was completed in March 2024, and one remaining investigation is close to completion."
Sebi advised the investors to "remain calm" before reacting to such reports.
"Investors should remain calm and exercise due diligence before reacting to such reports. Investors may also like to take note of the disclaimer in the report that states that readers should assume that Hindenburg Research may have short positions in the securities covered in the report."
Additionally, Madhabi Puri Buch and her husband Dhaval Buch, in a joint statement, described the Hindenbirg claims as "baseless allegations and insinuations" devoid of truth.
"The investment in the fund referred to in the Hindenburg report was made in 2015 when they were both private citizens living in Singapore and almost 2 years before Madhabi joined SEBI, even as a Whole Time Member. The decision to invest in this fund was because the Chief Investment Officer, Anil Ahuja, is Dhaval’s childhood friend from school and IIT Delhi and, being an ex-employee of Citibank, JP Morgan and 3i Group plc, had many decades of strong investing career," reads the statement. "As confirmed by Anil Ahuja, at no point in time did the fund invest in any bond, equity, or derivative of any Adani group company."
Apart from Sebi and its chairperson denying Hindenburg allegations, Adani Group too denied any commercial dealings with SEBI head. Also, wealth management entity 360ONE (formerly called as IIFL Wealth Management) separately said Buch and her husband Dhaval Buch's investment in IPE-Plus Fund 1 was less than 1.5% of the total inflows and that it did not make any investments in Adani Group shares.
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