On August 10, US-based short seller Hindenburg accused the head of Securities and Exchange Board of India (SEBI), Madhabi Puri Buch, and her husband Dhaval Buch, of having had stakes in offshore funds that were invested in Adani Group stocks.

Hindenburg’s accusations ranged from conflict of interest in the investigation into the alleged malpractices by the $32 billion Adani Group, and regulatory boost for companies like Blackstone, where Dhaval Buch works as a senior advisor. You can read the highlights from the latest Hindenburg report here.

Here’s the full, unedited text of the press statement issued by Madhabi and Dhaval Buch in response to Hindenburg’s charges:

“In the context of allegations made in the Hindenburg Report dated August 10,2024 against us, we would like to state that we strongly deny the baseless allegations and insinuations made in the report. The same are devoid of any truth.”

Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them.

Further, in the interest of complete transparency, we would be issuing a detailed statement in due course. It is unfortunate that Hindenburg Research against whom SEBI has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same.”

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