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Hindenburg alleges SEBI head Madhabi Buch had stakes in obscure offshore funds used in Adani scandal

YourStory

YourStory · 1y ago

Hindenburg alleges SEBI head Madhabi Buch had stakes in obscure offshore funds used in Adani scandal

Hindenburg Research has accused Madhabi Buch, chairperson of India's securities regulator SEBI, and her husband of having stakes in offshore funds used in the Adani money siphoning scandal. The short-seller alleged that SEBI had shown little interest in Adani's alleged undisclosed web of offshore entities. Hindenburg cited whistleblower documents claiming that Buch and her husband had stakes in offshore funds controlled by Vinod Adani, which were used to round-trip funds and inflate stock prices. SEBI has not yet provided comment on the allegations.

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All Adani group stocks tumble; Adani Energy slumps 17%

YourStory

YourStory · 1y ago

All Adani group stocks tumble; Adani Energy slumps 17%

In early trading on Monday, all ten Adani group stocks experienced a slump, with Adani Energy dropping by 17%, following allegations made by US short-seller Hindenburg Research. Hindenburg claimed that SEBI chairperson Madhabi Puri Buch and her husband had undisclosed investments in offshore funds used by Vinod Adani to manipulate stock prices. This resulted in a decline in stocks for Adani Energy Solutions, Adani Total Gas, NDTV, Adani Power, and other related companies. Buch and her husband denounced the allegations, referring to them as an attack on SEBI's credibility.

Hindenburg-Adani Case: ‘Malicious, mischievous and manipulative’: Adani Group on US short seller’s latest allegations | Mint

Livemint

Livemint · 1y ago

Hindenburg-Adani Case: ‘Malicious, mischievous and manipulative’: Adani Group on US short seller’s latest allegations | Mint

Adani Group has dismissed allegations made by Hindenburg Research as "malicious" and "manipulative." In a statement, the conglomerate stated that its overseas holding structure is transparent and that the claims made by Hindenburg are recycled and discredited. Adani Group emphasized its commitment to transparency and compliance with legal and regulatory requirements. The allegations by Hindenburg Research relate to whistleblower documents regarding investments in offshore funds by SEBI Chairperson Madhabi Puri Buch and her husband, which they have vehemently denied.

360 One claims ’zero investment’ in Adani Group stocks, says no investor involvement in fund operations

Livemint

Livemint · 1y ago

360 One claims ’zero investment’ in Adani Group stocks, says no investor involvement in fund operations

On August 11, 2022, 360 One (formerly IIFL Wealth) responded to allegations made by Hindenburg Research regarding their involvement with IPE Plus Fund 1 and the Adani Group. They clarified that the fund did not make any investments in Adani Group shares during its existence from 2013 to 2019. They also emphasized that the fund operated within regulatory compliance and maintained high standards of corporate governance. The allegations against Madhabi Puri Buch, the chief of the Securities and Exchange Board of India (SEBI), and her husband Dhaval Buch were part of a broader report by Hindenburg, referencing whistleblower documents.

Sensex, Nifty decline in early trade; Adani group stocks slump

YourStory

YourStory · 1y ago

Sensex, Nifty decline in early trade; Adani group stocks slump

Equity markets in India, including the Sensex and Nifty, declined at the start of the week due to investor caution surrounding a report by US short-seller Hindenburg Research. The report alleged undisclosed offshore investments by the SEBI chairperson and her husband, in connection with the Adani scandal. Adani group stocks, including Adani Enterprises and Adani Power, experienced significant declines. Despite a recent market rebound, concerns remain about potential disruptions from the Hindenburg report. The US markets ended higher on Friday, and Asian markets showed mixed results.

SEBI sends letter to Hindenburg about Adani short bet

VCCircle

VCCircle · 1y ago

SEBI sends letter to Hindenburg about Adani short bet

US-based short-seller Hindenburg Research has received a letter from India's securities regulator, SEBI, outlining potential violations in relation to its short bet against Adani Group last year. Hindenburg disclosed that it made $4.1m in gross revenue through gains related to its Adani shorts from an undisclosed investor relationship. The short-seller also accused Indian firm Kotak Bank of overseeing an offshore fund structure used by its investor partner to bet against Adani. Hindenburg described SEBI's notice as attempted intimidation, accusing the regulator of neglecting its responsibility to protect investors. Adani and Kotak Bank have not yet responded to the allegations.

Adani stocks recover after losing $19 bn amid Hindenburg's fresh allegations

VCCircle

VCCircle · 1y ago

Adani stocks recover after losing $19 bn amid Hindenburg's fresh allegations

Adani Group's stocks suffered a $19 billion loss in market value following allegations made by Hindenburg Research. The short-selling firm accused the head of India's market regulator of having links to offshore funds used by Adani. Adani's stocks partially recovered later in the day. This is not the first time Hindenburg has targeted Adani Group with allegations of improper use of tax havens. Despite the losses, Adani's stocks have generally regained value since Hindenburg's initial report in January 2023. Adani has denied all the allegations made against it.

Adani-Hindenburg Case: Kotak Bank created, oversaw fund used to bet against Adani, claims US short-seller | Mint

Livemint

Livemint · 1y ago

Adani-Hindenburg Case: Kotak Bank created, oversaw fund used to bet against Adani, claims US short-seller | Mint

Hindenburg Research claims that Kotak Mahindra Bank and brokerage firms associated with Uday Kotak were involved in creating and managing the offshore fund structure used by its investor partner to bet against Adani group stocks. The short-seller criticized the Securities & Exchange Board of India (SEBI) for failing to mention Kotak's name in its show-cause notice. Hindenburg suspects that SEBI may be protecting influential Indian businessmen, suggesting a lack of scrutiny. SEBI's notice, sent to Hindenburg on June 27, is seen as an attempt to intimidate the short-seller.

Nifty, Sensex dip as Hindenburg report on SEBI chief sparks jitters; Adani stocks in red

Money Control

Money Control · 1y ago

Nifty, Sensex dip as Hindenburg report on SEBI chief sparks jitters; Adani stocks in red

The Nifty and Sensex started weak on August 12 after a strong performance in the previous session. Hindenburg Research's claim that the SEBI Chairperson held stakes in offshore entities tied to Adani caused ripples in the market. However, market experts believe that it will not have a significant impact in the medium to long term. Adani Group stocks were also trading in the red, while foreign institutional investors turned net buyers. Only the Nifty Realty index saw a slight increase, while all other indices dipped.

SEBI doesn’t return IPO document if it lacks correct voice: Buch

Inshorts · 1y ago

SEBI doesn’t return IPO document if it lacks correct voice: Buch

SEBI Chairperson Madhabi Puri Buch said she was “amused” when she heard a market participant say SEBI can return an IPO document if it has been drafted in an incorrect voice (active/passive). Giving examples of actual reasons why SEBI may return IPO document, Buch said director of applicant company may be under investigation for fraud in a previous IPO.

Sensex, Nifty pare early losses to end mildly lower on Monday

VCCircle

VCCircle · 1y ago

Sensex, Nifty pare early losses to end mildly lower on Monday

Indian stocks closed slightly lower on Monday, as gains in bank stocks offset the impact of Hindenburg Research's recent report. The US-based short seller accused the head of the Securities and Exchange Board of India of previously holding investments in offshore funds used by the Adani Group. The two Adani stocks on the Nifty 50 index fell, with a combined $10bn loss in market capitalisation. The NSE Nifty 50 index closed down 0.08% and the S&P BSE Sensex fell 0.07%. Small- and mid-cap stocks outperformed the benchmarks, with several sectors logging gains.

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