Hindenburg Research claims that SEBI Chairperson Madhabi Puri Buch is alleged to have a stake in offshore entities connected to the Adani scandal.

In a new twist in the Adani Group controversy, U.S.-based short-seller Hindenburg Research has made fresh allegations involving Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch, suggesting a potential conflict of interest. Hindenburg claims that Buch had financial ties to offshore entities allegedly involved in the Adani Group's suspected money laundering and stock manipulation activities. The allegations focus on Buch's connection to the Global Dynamic Opportunities Fund (GDOF), which was reportedly utilized by Vinod Adani. According to Hindenburg, in March 2017, just before Buch's appointment as a SEBI Wholetime Member, her husband, Dhaval Buch, allegedly sought to transfer control of their investments to himself through Trident Trust in Mauritius. By February 2018, Buch was reportedly made aware of the details of this offshore structure, including its links to Adani-related entities, via her private email. At that time, her stake in the GDOF was valued at $872,762.25.

Hindenburg also alleges that during her tenure at SEBI, Buch held a 100% interest in a Singapore-based consulting firm, Agora Partners, which she reportedly transferred to her husband shortly after becoming SEBI Chairperson in March 2022. These new claims deepen the Adani-Hindenburg saga, which began in January 2023 when Hindenburg accused the Adani Group of stock manipulation and fraud. Despite these serious allegations, SEBI has not yet acted against the Adani-linked shareholders identified in Hindenburg's earlier reports, including those connected to India Infoline like EM Resurgent Fund and Emerging India Focus Funds.