The Securities and Exchange Board of India (SEBI) has refuted the allegations made by US-based short-seller Hindenburg Research on going slow on its investigations against the Adani Group. The market regulator has completed all but one of the investigations into the group, finding no evidence of wrongdoing. SEBI also defended its chairperson, Madhabi Puri Buch, who was alleged to have undisclosed investments in offshore funds related to the Adani Group. Buch and her husband have strongly denied the allegations, stating that their investments were made before her appointment as the chairperson and without any involvement with Adani Group shares. The investments were made on the advice of a childhood friend of Buch's husband.
SEBI Rebuts Hindenburg's Allegations, Defends Chairperson
The Securities and Exchange Board of India (SEBI) has vehemently denied allegations made by US-based short-seller Hindenburg Research, stating that it has diligently conducted investigations against the Adani Group and found no evidence of wrongdoing.
Background
Hindenburg Research released a report on January 24, 2023, accusing the Adani Group of stock manipulation, accounting fraud, and money laundering, based on a two-year investigation. The report sparked a global sell-off in Adani shares and raised questions about SEBI's regulatory oversight.
Investigation Findings
SEBI has stated that it has completed all but one of its investigations into the Adani Group and has found no evidence of any violations of Indian securities laws. The pending investigation relates to the group's alleged use of offshore entities.
Defense of Chairperson
Hindenburg's report had also alleged that SEBI Chairperson Madhabi Puri Buch had undisclosed investments in offshore funds linked to the Adani Group, raising concerns about conflicts of interest. Buch and her husband have categorically denied these allegations.
Buch maintains that the investments in question were made before her appointment as Chairperson and were made without any knowledge or involvement with Adani Group shares. The investments were reportedly made on the advice of a childhood friend of her husband.
Top 5 FAQs and Answers
Q1: Has SEBI found any wrongdoing by the Adani Group? A: No, SEBI has completed all but one of its investigations and has not found any evidence of wrongdoing.
Q2: Was SEBI Chairperson Madhabi Puri Buch involved in any potential conflicts of interest? A: Buch denies any conflicts of interest, stating that her investments were made before her appointment as Chairperson and without any involvement with Adani Group shares.
Q3: What is the status of the remaining investigation? A: SEBI is still investigating the Adani Group's alleged use of offshore entities.
Q4: Why did Hindenburg Research release a report on the Adani Group? A: Hindenburg stated that it had a short position in Adani Group shares and believed that the company was overvalued due to alleged accounting irregularities and fraud.
Q5: What are the potential consequences for the Adani Group if wrongdoing is found? A: If SEBI finds evidence of wrongdoing, it could impose penalties, such as fines, asset freezes, or trading suspensions, against the group and its executives.
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