New Delhi. The Finance Ministry said on Monday that it has nothing additional to say after the statement of SEBI and its chairperson on Hindenburg’s new report. Hindenburg had alleged in its new report released late Saturday night that market regulator Securities and Exchange Board of India (SEBI) chairperson Madhabi Buch and her husband Dhabal Buch had made undeclared investments in obscure foreign funds in Bermuda and Mauritius. It said that these are the same funds that Vinod Adani allegedly used to embezzle money and increase the share prices of the group’s companies. Vinod Adani is the elder brother of Adani Group chairman Gautam Adani.
Ajay Seth, Secretary, Economic Affairs, Finance Ministry, told reporters here, “SEBI has given a statement. The chairperson has also given a statement. The government has nothing more to say on this.” In response to the allegations, the Buch couple had said in a joint statement on Sunday that these investments were made in 2015, much before his appointment as full-time member of SEBI in 2017 and his promotion as chairperson in March 2022. These investments were made “in the capacity of private citizens while residing in Singapore”. After his appointment to SEBI, these funds became “inactive”.
SEBI also defended its chairperson. The two-page statement said that Buch has made relevant disclosures from time to time and has also “removed himself from matters related to potential conflict of interest.” Adani Group has also denied any commercial transactions with the SEBI chief. Asset management unit 360One (formerly known as IIFL Wealth Management) said in a separate statement that Buch and her husband Dhawal Buch’s investment in IPE-Plus Fund 1 was less than 1.5 per cent of the total investment and it had not made any investment in Adani Group shares.