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.
Tags:
Related News Articles
Rohan Builders Achieves Unparalleled Excellence with 14 Consecutive Years of CRISIL DA2+ Grading
Rohan Builders continues to maintain its prestigious DA2+ Developer Grading from CRISIL, demonstrating its commitment to excellence in financial and operational parameters.
Sebi Chief Remains Tight-Lipped on Real Estate Investment Trusts
REITs comprise a portfolio of commercial real estate assets, most of which are already leased out.
PGA of America Launches State-of-the-Art Golf Courses in Mumbai, Navi Mumbai, and Hyderabad
AIVOT Golf & Sports Management collaborates with Shapoorji Pallonji Real Estate, Stonecraft Group, and Tvastar Golf to introduce PGA of America-branded golf courses in Mumbai, Navi Mumbai, and Hyderabad, setting a new standard for golf excellence in India
Raymond Expands Real Estate Footprint with Mahim Project Deal
Raymond, in a strategic move, has signed a Joint Development Agreement for a prestigious residential project in the prime location of Mahim West, Mumbai.
Amrita Singh, Zaheer Khan Among Celebrities Investing in Mumbai's Luxury Real Estate
Amrita Singh and Zaheer Khan are among the latest celebrities making significant investments in Mumbai's luxury real estate market. Discover the trends and insights of these high-profile investments.
SP Group Raises $3.3 Billion from Five Funds to Boost Real Estate and Construction Projects
SP Group secures a significant $3.3 billion investment from five prominent funds, aimed at refinancing and expanding its real estate and construction projects. This strategic move will help the company solidify its position in the market and drive sustain