Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India (SEBI), and her husband, Dhaval Buch, have refuted the claims made by Hindenburg Research in its latest report.

The report alleged that the Buchs held hidden stakes in offshore entities linked to the Adani Group.

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In a joint statement, the Buchs dismissed the Hindenburg report as an attempt at “character assassination” following SEBI’s recent enforcement action and show cause notice issued to the U.S-based short seller. “It is unfortunate that Hindenburg Research, against whom SEBI has taken enforcement action and issued a show cause notice, has chosen to attempt character assassination in response,” they stated.

The couple claimed that their finances are transparent and have been consistently disclosed to the relevant authorities. They expressed their willingness to provide any additional financial documents if requested. “Our lives and finances are an open book. All required disclosures have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those from the period when we were strictly private citizens, to any and every authority that may seek them,” the statement read.

Hindenburg’s claim 

The new report of the Hindenburg Research, citing whistleblower documents, claimed that the Buchs were involved in the IPE Plus Fund, an offshore entity that has come under scrutiny. It alleged that Gautam Adani’s brother, Vinod Adani, used the IPE Plus Fund as part of a complex structure involving multiple offshore funds to launder money.

The Hindenburg report further alleged that despite the evidence presented and corroborated by over 40 independent media investigations, the SEBI has not taken any significant public action against the Adani Group.

The report suggested that SEBI’s inaction might be linked to “Buch’s own complicity in using the same funds that are now under scrutiny.”