Need independent probe into SEBI chief Madhabi Buch | Hindenburg Report | Adani

Hindenburg Research has released a new report alleging a conflict of interest involving SEBI Chairperson Madhabi Buch in the Adani investigation. In January 2023, Hindenburg accused the Adani Group of financial misconduct, including the use of offshore shell companies to manipulate stock prices and conceal debt. This triggered a significant drop in Adani's market value and prompted SEBI, India's market regulator, to launch an investigation. Additionally, the Supreme Court ordered parallel inquiries, with a six-member expert committee later finding no clear evidence of stock manipulation or regulatory failure. However, the recent Hindenburg report, published on August 10, has raised fresh concerns about Buch's impartiality, alleging that both she and her husband had investments in an Adani-linked fund. These claims have cast doubt on the integrity of SEBI's investigation, sparking broader questions about potential improprieties. Despite these concerns, the Modi government has so far remained silent, taking no action against Buch or initiating any investigation into the matter. This even as many other allegations on possible conflicts of interest being alleged by activist and opposition Congress. TNM’s Pooja Prasanna discussed these allegations with veteran journalist Paranjoy Guha Thakurta, focusing on SEBI, the Adani case, and the Congress party’s accusations.