Hindenburg Research report: The Indian Venture and Alternate Capital Association (IVCA) on Monday came out in support of beleaguered Sebi Chairperson Madhabi Puri Buch, who was accused over the weekend by US-based short-seller Hindenburg Research of having invested in an offshore fund that had also invested in Adani Group stocks.
“As the regulator of the capital markets in India, Sebi plays a crucial role in maintaining the integrity and stability of our financial ecosystem. Under the leadership of Buch, Sebi has consistently demonstrated an unwavering commitment to market integrity, regulatory governance, and investor protection,” IVCA said in a press release.
IVCA has dismissed Hindenburg’s allegations as unfounded and lacking insight into the Indian regulatory landscape. India is one of the fastest-growing markets, and much of this success is because of the robust framework and oversight provided by Sebi, led by Buch, IVCA said.
The statement added that IVCA fully supports Buch and believes in her capability to address these claims with the same diligence and integrity that have marked her tenure. “We are dedicated to collaborating with Sebi and its leadership to foster the ongoing growth and success of India’s capital markets.”
Buch and her husband have refuted the allegations levelled by Hindenburg.
“It is unfortunate that Hindenburg Research against whom Sebi has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same,” Buch had added.
Adani Group also issued a statement terming the allegations by Hindenburg malicious, mischievous and manipulative and stating that the Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing. “We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements,” it added.
