Industry leaders and experts have panned Hindenburg Research’s latest report targeting SEBI Chairperson Madhabi Puri Buch, calling it baseless and sensationalist.
Former Infosys CFO Mohandas Pai was among the first to respond, labeling the report as “character assassination by a vulture fund.” He took to X (formerly Twitter) to express his views, writing, “Rubbish allegations aimed at sensationalism. There was a SC-monitored investigation overseen by an Eminent panel- when the vulture fund was fully exposed it throws mud.” Pai also defended SEBI’s regulatory processes, stating, “All regulations of SEBI are made after open consultations. The regulations demonstrate collective thinking of market and regulators based on global benchmarks.”
Deepak Shenoy, CEO of Capitalmind, also weighed in, describing Hindenburg’s latest allegations as lacking in substance. Commenting on a post on X, Shenoy remarked, “Thoda zyada ho gaya, I feel, basically they have gone into sensationalism. There is hardly any substance.”
Gurmeet Chadha, Managing Partner & CIO of Complete Circle Capital, took a broader view, suggesting that the allegations were part of a “systematic attack” on Indian institutions. “RBI, SEBI are among the finest in the world. Do not overreact and let facts come out. This is not in isolation!” Chadha wrote on X, urging caution in responding to the claims.
Criminal lawyer Jai Anant Dehadrai offered a legal perspective, criticising the report for lacking substantive evidence. He stated, “Routine investment instruments have been sensationalised in the report to create an impression of ill-gotten and opaque wealth. No criminal court anywhere in the world would take cognizance of this ‘material’ as no criminality is made out.” Dehadrai emphasised that the report failed to provide any evidence linking SEBI Chairperson Buch to criminal activity, and that the mere existence of an offshore entity does not imply wrongdoing.
Tax lawyer Ajay Rotti also expressed skepticism, arguing that the report established “ridiculous links” and warning that the opposition might exploit the allegations to disrupt political discourse. “Ridiculous links forcibly established. Nothing makes sense. But the sad part is the Opposition will stretch this to even sillier levels and have got enough to disrupt the house for the next week. While this lacks substance from a technical perspective, it looks lethal given the low level of political discourse we have,” Rotti wrote on X.
Krishnamurthy V Subramanian, who served as the 17th Chief Economic Adviser to the Government of India, described the latest allegations as a “hit job that lacks intellectual rigor.” He expressed confidence in Buch’s integrity and ability to counter the claims, writing, “I’ve personally known SEBI Chairperson Madhabi for about two decades. Given her unimpeachable integrity and her intellectual prowess, I’m sure she will shred to smithereens this Hindenburg hit job.”
Intellectual property rights attorney Safir Anand suggested that Hindenburg’s actions were driven by desperation amid a rising market. “It is clear to me that Hindenburg is desperate against a rising market. One flop is leading to desperation to avert many consequences for them, including legal action,” he posted on X.
In response to the allegations, SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, issued a joint statement dismissing the claims as “baseless” and an attempt at “character assassination.” The couple emphasised their transparency, stating, “Our life and finances are an open book,” and expressed their readiness to submit any additional financial documents to relevant authorities, including those from their time as private citizens.
The Adani Group also responded to Hindenburg’s report, rejecting the allegations as “malicious, mischievous, and manipulative.” The group accused Hindenburg of recycling discredited claims that have already been thoroughly investigated and dismissed by the Supreme Court in March 2023. They reiterated that their overseas holding structure is fully transparent, with all relevant details disclosed in public documents. The Adani Group further clarified that they have no commercial relationship with the individuals or matters mentioned in what they describe as a calculated effort to malign their reputation.
As the debate continues, opposition parties have seized the opportunity to pressure the government on the Adani issue. Congress general secretary Jairam Ramesh issued a statement calling for immediate action to eliminate conflicts of interest in the SEBI investigation of Adani. “The government must act immediately to eliminate all conflicts of interest in the SEBI investigation of Adani. The fact is that the seeming complicity of the highest officials of the land can only be resolved by setting up a JPC to investigate the full scope of the Adani MegaScam,” Ramesh wrote.
BJP MP Sudhanshu Trivedi says, "For the past few years, whenever the Parliament session commences, a foreign report gets released. BBC documentary was released just before the Parliament session. The Hindenberg report came in January just before the Parliament session...All these sequences happen during the Parliament session... The opposition has such connections with the abroad to create instability and anarchy during every Parliament session of India...They want to create economic chaos in India through confusion... Now they are attacking SEBI. Why does Congress always stand with foreign companies for the past 30-40 years? Why did it stand with Union Carbide?..."