SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, have firmly denied allegations made by US-based short seller Hindenburg Research, which claimed they held stakes in offshore entities linked to the Adani Group’s alleged money siphoning scandal.

In a joint statement, the couple accused Hindenburg of character assassination, emphasizing that the claims were baseless and devoid of truth.

Responding to the accusations, Madhabi and Dhaval Buch stated, "In the context of allegations made in the Hindenburg Report dated August 10, 2024, against us, we would like to state that we strongly deny the baseless allegations and insinuations made in the report. The same are devoid of any truth. Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. Further, in the interest of complete transparency, we would be issuing a detailed statement in due course."

The Buchs also highlighted that SEBI had taken enforcement action against Hindenburg Research, suggesting that the recent allegations were an attempt at retaliation. They expressed disappointment in the short seller's tactics, stating, "It is unfortunate that Hindenburg Research, against whom SEBI has taken enforcement action, has resorted to character assassination in response."

The controversy began earlier on August 10, when Hindenburg claimed that SEBI's reluctance to address issues with offshore shareholders in the Adani Group may be linked to Buch’s involvement with funds used by Vinod Adani, brother of Gautam Adani. The report claimed to have obtained these details from whistleblower documents and independent investigations.

Hindenburg's report also referenced its earlier allegations against the Adani Group, accusing the conglomerate of stock manipulation and financial fraud, which had previously led to a significant drop in the company's stock value. The Adani Group has consistently denied these allegations.