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Hindenburg alleges India market regulator chief had stake in offshore funds used by Adani Group

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Hindenburg alleged that the chairperson of India's market regulator Madhabi Puri Buch previously held investments in offshore funds used by the Adani group.

Hindenburg Research website displayed on a laptop screen and Adani logo displayed on a phone screen are seen in this illustration photo taken in Krakow, Poland on February 2, 2023.U.S. based short-seller Hindenburg Research in a new report released on Saturday alleged that the chairperson of India's market regulator Madhabi Puri Buch previously held investments in certain offshore funds that were also used by the Adani group.

The regulator said the allegations made by Hindenburg against the Adani group have been duly investigated by SEBI and 23 out of 24 investigations were completed in March 2024. Alongside the inquiry into the Adani group, SEBI sent a "show cause" notice to Hindenburg Research alleging that the short-seller violated the country's rules by setting up a short-bet using non-public information.

 

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