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Sebi Chief Madhabi Puri Buch. (Image source: X/@ANI)
Buchs clarified that they invested in IIFL Wealth Management Fund as private citizens of Singapore two years before Madhabi joined Sebi.
Sebi Chief Executive Madhabi Puri Buch and her husband Dhaval said on Sunday that US-based short seller Hindenburg Research was trying to attack Sebi's credibility and defamed the character of its chairman.
In a detailed statement issued on Sunday night in response to Hindenburg's allegations, the Buch family said they invested in funds promoted by IIFL Wealth Management in their capacity as private Singapore citizens and as full-time employees at Madabi Joining Sebi was made two years ago.
They said Dhaval, who has served as a senior adviser to Blackstone since 2019, has no ties to the private equity giant's real estate business.
The statement also said that two of Madhabi's consultancy firms went “hibernant” immediately after she was appointed as a full-time member of Sebi in 2017.
“Hindenburg was served a show-cause notice for various irregularities that occurred in India. Unfortunately, instead of responding to the show-cause notice, they chose to attack the credibility of SEBI and tried to Defamation of character.
In a statement issued immediately after the short sellers filed their latest reports, Buchs called the accusations “baseless.”
Hindenburg Research claims it suspects SEBI's reluctance to take action against the Adani Group may be due to Madhabi Buch's stake in offshore funds linked to the group.
(This report has not been edited by News18 staff and is published from associated news agency – PTI)
