Sebi chief Madhabi Puri Buch in Delhi post Hindenburg's allegations

Amid fresh allegations from Hindenburg Research, SEBI Chief Madhabi Puri Buch arrived in Delhi and is likely to have met top government officials, sources told BT TV. However, she did not meet Finance Minister Nirmala Sitharaman, the sources added.

Earlier in the day, the Financial Services Commission (FSC) of Mauritius addressed Hindenburg’s claims regarding the IPE Plus Fund, which is central to the allegations against Buch. The Mauritius regulator refuted these charges, asserting that it does not permit the creation of shell companies and should not be labeled a "Tax Haven." The FSC emphasized its robust regulatory framework, noting that all global business companies must comply with strict standards, which are closely monitored.

The FSC further clarified that neither the "IPE Plus Fund" nor "IPE Plus Fund 1" is licensed by the FSC or domiciled in Mauritius, countering Hindenburg’s claims that the fund was linked to the Adani money movement case.

In response to the controversy, Buch and her husband, Dhaval, issued a statement denying the allegations, clarifying that the investment in question was made in 2015 when they were private citizens residing in Singapore, long before Buch's association with SEBI.

Hindenburg’s report also accused SEBI and Buch of delaying the Adani investigation and questioned SEBI's impartiality due to Buch’s alleged connections. SEBI and Buch swiftly dismissed these claims as baseless and an attempt at character assassination.

Following SEBI's and Buch's rebuttals, Ajay Seth, Secretary of the Department of Economic Affairs, stated that the government had nothing further to add. "SEBI has given a statement. The Chairperson has also made a statement… There is nothing further to be added by the government," Seth said on Monday.

The US-based short-seller also accused Buch of promoting real estate investment trusts (REITs) due to Dhaval Buch’s association with Blackstone, a significant investor in the Indian real estate sector.

Both SEBI and the Buchs categorically rejected these allegations, calling them an unfounded attack on their character. 360-One WAM, the manager of the IPE Plus Fund, clarified that it had made no direct or indirect investments in Adani group shares during the period in question.

The Adani Group dismissed the allegations as a "red herring," describing them as malicious and manipulative.