SEBI Chief and Husband Slam Hindenburg Research for Character Assassination
SEBI chairperson Madhabi Puri Buch and her husband Dhaval Buch have accused Hindenburg Research of attempting to attack the market regulator's credibility and indulging in character assassination.
SebiHindenburg ResearchMadhabi Puri BuchDhaval BuchBlackstoneIifl Wealth ManagementReal Estate Investment TrustReal EstateAug 11, 2024
In a detailed press statement, the Buchs dismissed the allegations made by Hindenburg in its fresh report, which claimed that Madhabi and her husband had a stake in obscure offshore entities used in the Adani scandal. The Buchs stated that their investment in a fund promoted by IIFL Wealth Management was made as Singapore-based private citizens, two years before Madhabi joined SEBI as a whole-time member.
Hindenburg had alleged that during Dhaval Buch's time as senior advisor at Blackstone, while Madhabi Buch was a SEBI official, Blackstone sponsored Mindspace and Nexus Select Trust, the second and fourth REIT [Real Estate Investment Trust] received approval from the market regulator to go public. However, the Buchs clarified that Dhaval was never associated with the Real Estate side of Blackstone.
The Buchs also addressed allegations that SEBI had proposed, approved, and facilitated major REIT regulation changes during Dhaval's time as advisor to Blackstone. They stated that all regulations of SEBI are approved by its Board after extensive public consultation, and that insinuations of favoritism towards any specific party are malicious and motivated.
The statement further revealed that the two consulting companies set up by Madhabi during her stay in Singapore became immediately dormant on her appointment with SEBI. The Buchs added that these companies, and her shareholding in them, were explicitly part of her disclosures to SEBI.
The Buchs also alleged that Hindenburg had been served a show cause notice for various violations in India. They expressed disappointment that instead of responding to the notice, Hindenburg had chosen to attack the credibility of SEBI and attempt character assassination of the SEBI chairperson.
About Blackstone
Blackstone is a global private equity and investment firm that specializes in real estate, private equity, and credit. The company has a significant presence in India, with investments in various sectors, including real estate.
About IIFL Wealth Management
IIFL Wealth Management is a leading wealth management firm in India that offers a range of financial services, including investment management and advisory services.
About SEBI
The Securities and Exchange Board of India (SEBI) is the primary regulator of the securities market in India. The organization is responsible for protecting the interests of investors and promoting the development of the securities market.
Frequently Asked Questions
What is the latest controversy surrounding SEBI and Hindenburg Research?
SEBI chairperson Madhabi Puri Buch and her husband Dhaval Buch have accused Hindenburg Research of attempting to attack the market regulator's credibility and indulging in character assassination.
What is the nature of the investment made by the Buchs in IIFL Wealth Management?
The Buchs invested in a fund promoted by IIFL Wealth Management as Singapore-based private citizens, two years before Madhabi joined SEBI as a whole-time member.
What is the relationship between Blackstone and the Buchs?
Dhaval Buch was a senior advisor at Blackstone, but he was never associated with the Real Estate side of the company.
What is the status of the consulting companies set up by Madhabi during her stay in Singapore?
The two consulting companies became immediately dormant on her appointment with SEBI, and were explicitly part of her disclosures to SEBI.
What action has SEBI taken against Hindenburg Research?
SEBI has served a show cause notice to Hindenburg Research for various violations in India.
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