Hindenburg Research report highlights: SEBI chief, spouse issue detailed statement on allegations

Hindenburg Research Report LIVE: “The integrity of SEBI, the securities regulator entrusted with safeguarding the wealth of small retail investors, has been gravely compromised by the allegations against its Chairperson. It is now abundantly clear why Prime Minister Modi is so afraid of a JPC probe and what it might reveal,” tweets Leader of Opposition, Congress MP Rahul Gandhi.

Hindenburg Research Report LIVE: SEBI issues a statement in response to Hindenburg's allegations against both the market regulator and its chairperson.

Hindenburg Research Report LIVE: Mutual funds' body Association of Mutual Funds in India (AMFI) has said in a statement that Hindenburg's allegations against Mahabi Puri Buch, are an attempt to ‘undermine’ her contribution to the India's capital market.

“The US short seller is trying to create a trust deficit in market ecosystem,” AMFI added.

Hindenburg Research Report LIVE: "Hindenburg's "Something big" is a pathetic damp squib. The announcement prior to its alleged big revelation itself reveals its motive: to destabilise India's stock markets. The pre publicity ill behoves a reputed "research analyst ". As regards the "big" something there is nothing new against the Adani group. The target is now the regulator- SEBI -Chairperson Madhabi Puri Buch," tweeted Mahesh Jethmalani.

Hindenburg Research Report LIVE: 360 ONE, a wealth management entity, said on Sunday that its IPE-Plus Fund 1 did not make any investments in Adani Group shares.

"The fund was fully compliant and regulated, and was operational between October 2013 and October 2019. Throughout the fund's tenure, IPE-Plus Fund 1 made zero investments in any shares of the Adani Group either directly or indirectly through any fund," 360 ONE said in its statement to exchanges.

Hindenburg Research Report LIVE: "The SEBI chief operates under the supervision of the PM. Why is the PM silent now? The Hindenburg report has targeted the SEBI chief. Therefore, the Congress demands a clarification from the PM," says Maharashtra Congress president Nana Patole.

Hindenburg Research Report LIVE: In a detailed statement, the Buchs countered the report which accused them of owning stakes in obscure offshore funds used in the Adani money siphoning scandal. Read more

Hindenburg Research Report LIVE: Madhabi Puri Buch and Dhaval Buch issue a detailed statement in response to allegations against them by the US-based short-seller.

Hindenburg Research Report LIVE: According to economist Sharad Kohli, Hindenbur's allegations against the SEBI chief stem from the market regulator's notice to it in the Adani case.

"I believe that until these allegations are proven and the facts come to light, it wouldn't be right to believe in them," says Economist Sharad Kohli on Hindenburg row," stated Kohli.

Hindenburg Research Report LIVE: Congress chief Mallikarjun Kharge demands a joint parliamentary committee (JPC) probe into this ‘massive scam.’

“SEBI had previously cleared Adani, a close associate of PM Modi, before the Supreme Court following the January 2023 Hindenburg Report revelations. However, new allegations have surfaced regarding a quid-pro-quo involving the SEBI chief. A JPC inquiry is imperative to investigate this 'massive scandal. Until then, concerns persist that PM Modi will continue to shield his ally, compromising India's Constitutional institutions, painstakingly built over seven decades,” Kharge wrote on X.

Hindenburg Research Report LIVE: Madhabi Puri Buch and her husband have denied the allegations, calling them ‘baseless’ and a ‘character assassination’ attempt. Read more

Hindenburg Research Report LIVE: “Congress has only one work, to spread anarchy in the country and to engage the country in controversial matters. PM Modi and each worker of the BJP are taking India on the path of progress and development. Congress only tries to digress and keep everyone in the dark. This has been their method since the beginning and they are working according to it,” says Union minister and ex-Congress leader Jyotiraditya Scindia.

Hindenburg Research Report LIVE: Hindenburg Research, a US-based short seller, released a report on Saturday, alleging SEBI chief Madhubi Buch and her husband's involvement in offshore firms linked to the Adani group. The report titled -'Whistleblower Documents Reveal SEBI’s Chairperson Had Stake In Obscure Offshore Entities Used In Adani Money Siphoning Scandal- was released on August 10. Read more

Hindenburg Research Report LIVE: “Hindenburg is trying to create controversies, so that India’s economy, businesses and share market collapse. They don’t want the country to progress. Once again, they have raised questions against the country’s internal agencies, even though the Supreme Court is satisfied with them. Government should take action against such attacks by external agencies like Hindenburg,” says banking expert Ashwini Rana.

PTI

Hindenburg Research Report LIVE: Addressing a press conference here, AAP Rajya Sabha MP Sanjay Singh said the SEBI had told a Supreme Court panel that the investigation into the Adani group was "directionless".

"SEBI chief and her husband's money was invested in shell companies. Why were these facts hidden from the Supreme Court? The apex Court should take note of the new developments and how facts were hidden," he said.

Hindenburg Research Report LIVE: Congress leader Pawan Khera criticised the Indian government for ignoring the need for a special investigation into the SEBI Chief, Madhabi Buch, and her husband, Dhaval Buch, following Hindenburg's latest report. He pointed out their investments in offshore companies linked to Vinod Adani, Gautam Adani's brother, and questioned whether the government was aware of this conflict of interest when Buch was appointed as SEBI Chairman. Khera called for a Joint Parliamentary Committee (JPC) to thoroughly investigate and obtain answers, implying that the Prime Minister should address these concerns.

Hindenburg Research Report LIVE: CPI leader D Raja said the recent Hindenburg revelation has exposed how the BJP government supports corporate houses, especially Adani, in exploiting national wealth.

He criticised PM Narendra Modi for labelling corporate houses as wealth creators rather than looters and raised concerns about the SEBI chief's conflict of interest due to her and her husband’s stakes in the market. Raja called for her resignation and demanded a high-level investigation. He urged finance minister Nirmala Sitharaman and the Prime Minister to address the issue and clarify the government's response.

Hindenburg Research Report LIVE: BJP leader Sudhanshu Trivedi said, “The recent Hindenburg report, already under investigation by Indian agencies, seems to coincide with Parliament sessions, suggesting a conspiracy to create imbalance in India. The Opposition is speaking in tandem with them, they have also raised this in Parliament session. I want to allege that Congress leaders knew that the report was coming. It is clear that the Opposition wants to create imbalance in India.”

Hindenburg Research Report LIVE: RJD MP Manoj Jha commented on the Hindenburg report, saying, “Look at how our system is rigged and how our economic system is corrupted and concealed. People file complaints with Sebi for misconduct, yet Sebi itself is not clean. Today, some will even make statements about our national flag, but they should instead acknowledge and address these flaws rather than hiding them.”

Hindenburg Research Report LIVE: The Adani Group said that their overseas holding structure is fully transparent, with regular disclosures in public documents. It clarified that Anil Ahuja, who served as a nominee director for 3i Investment Fund in Adani Power from 2007-2008 and later as a director of Adani Enterprises until 2017, had no current commercial ties to the group.

The group asserted that there is no commercial relationship with the individuals or issues mentioned in the allegations, which they view as a deliberate attempt to tarnish their reputation.

It further criticised Hindenburg, labelling the allegations as distractions from a discredited entity under scrutiny for multiple violations of Indian securities laws.

Hindenburg Research Report LIVE: “The latest allegations by Hindenburg are malicious, mischievous and manipulative selections of publicly available information to arrive at pre-determined conclusions for personal profiteering with wanton disregard for facts and the law. We completely reject these allegations against the Adani Group which are a recycling of discredited claims that have been thoroughly investigated, proven to be baseless and already dismissed by the Hon'ble Supreme Court in January 2024,” the Gautam Adani-led group said in a regulatory filing.

Read in detail- Adani Group slams Hindenburg over 'Sebi chief' charge: 'Malicious, mischievous, manipulative'

Hindenburg vs Adani news LIVE: AAP MP Sanjay Singh alleged, "The Hindenburg revelations were anticipated by the government, which ended the Parliament session three days early. The Modi government is deeply corrupt. To protect his ally Adani, Modi had the investigation handled by the same SEBI Chairperson allegedly involved in the scam with Adani."

Hindenburg vs Adani news LIVE: Shiv Sena (UBT) leader Priyanka Chaturvedi said on Saturday that the lack of response from SEBI to her letters requesting information about Adani Group companies is now explained by the recent claims from US short-seller Hindenburg Research. The report alleges that SEBI Chairperson Madhabi Buch and her husband had stakes in obscure offshore funds linked to the Adani money siphoning scandal. Chaturvedi had requested details of the Adani investigation from SEBI in April last year.

Hindenburg vs Adani news LIVE: On the Hindenburg report alleging issues with Sebi chief and her husband, Congress MP Shashi Tharoor said, "These are serious matters. I'm not familiar with the details, but such allegations must be addressed or investigated. We can't leave them unresolved and affecting the integrity of our system. It's crucial that the accused provide a clear explanation or that an investigation takes place."

Hindenburg vs Adani news LIVE: No immediate comments were available from the Securities and Exchange Board of India, whose X account was also found 'locked,' making posts inaccessible to non-followers.