Sebi Chief Accused of Links to Adani Group Funds
- An activist-investor accuses Sebi's chief of having links with offshore funds.
- The funds in question are allegedly used by Adani group firms.
- The accusation raises concerns about potential conflicts of interest.
India's market regulator, the Securities and Exchange Board of India (Sebi), is under intense scrutiny following allegations from Hindenburg Research regarding its chairperson, Madhabi Buch. Hindenburg claims that Buch's past investments in funds linked to the Adani Group have compromised the integrity of the regulator's investigation into the conglomerate. Buch has firmly denied any conflict of interest, asserting that her investments were made in 2015, prior to her association with Sebi. In response to the allegations, Buch and her husband, Dhaval Buch, clarified that their investments were made when they were private citizens in Singapore, well before her appointment as a Whole Time Member of Sebi. They attributed their investment decision to a long-standing friendship with the fund's chief investment officer, Anil Ahuja. Furthermore, they emphasized that Dhaval Buch's advisory role with Blackstone was disclosed and managed according to Sebi's conflict of interest protocols. Sebi has stated that it has thoroughly investigated Hindenburg's claims against the Adani Group and confirmed that Buch has adhered to necessary disclosure requirements and recusal procedures. Meanwhile, the Adani Group has dismissed Hindenburg's allegations as recycled and baseless, asserting that they have been previously investigated. Hindenburg, however, has reiterated its stance, suggesting that the situation raises "numerous new critical questions," thereby intensifying the ongoing controversy surrounding both the market regulator and the Adani Group.