Sebi Chairperson Madhabi Puri Buch and her husband Dhaval have denied the allegations levelled against them by Hindenburg Research, saying their life and finances are an open book.
In a statement released late on Saturday, they called the allegations "baseless", saying it is unfortunate that the US short seller is opting for character assassination after Sebi issued a show cause notice against the company.
Hindenburg, which cited whistleblower document accused the Sebi chairperson and her husband of holding stakes in obscure offshore funds where a substanital amount of money was invested by the associates of Vinod Adani, the brother of Adani Group's Gautam Adani. It alleged that these funds were used in the Adani money siphoning scandal.
Hindenburg also claimed that the market regulator has shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities.
In response to the allegations levelled by Hindenburg, Buch and her husband said the US short seller's claims are devoid of any truth, adding that all disclosures have already been furnished to the Sebi over the years.
The couple said they have no hesitation in submitting their financial documents to the authorities and that they will issue a detailed statement in due course to bring complete transparency.
Meanwhile, the Sebi chief and Adani Group came under fire from the opposition leaders. Congress General Secretary Jairam Ramesh asked "who will guard the guards themselves", saying now it is clear why the Parliament session was adjourned abruptly. Trinamool Congress MP Mahua Moitra called it "crony capitalism at its finest" and asked whether the CBI and ED will file cases under Prevention of Corruption Act and Prevention of Money Laundering Act.
Buch became the first woman to head Sebi in March 2022. She has been credited with improving efficiency in the market, including introducting the T+0 settlement in the equity markets. Her husband Dhaval is currently a senior advisor at Blackstone and Alvarez & Marsal and has a net worth of $10 million, as per Hindenburg Research report.
