Background : Hindenburg Research recently released a report on August 10, 2024, alleging potential conflicts of interest involving SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch. The report claims that:

1) Madhabi Puri Buch and her husband had hidden stakes: in the same obscure offshore Bermuda and Mauritius funds used by Vinod Adani, brother of Gautam Adani.

2) Dhaval Buch joined Blackstone as a Senior Advisor: in July 2019, shortly after SEBI approved India’s first REIT, Embassy, which was sponsored by Blackstone.

3) SEBI’s unwillingness to take action: against suspect offshore shareholders in the Adani Group may stem from Chairperson Madhabi Buch’s complicity in using the exact same funds used by Vinod Adani.

Additionally, Hindenburg Research responded to SEBI's 'Show Cause' notice on July 1, 2024, stating that the notice was an attempt to silence and intimidate those who expose corruption and fraud.

Hindenburg Research's report, alleges potential conflicts of interest involving SEBI Chairperson Madhabi Puri Buch and her husband, Buch Dhaval.  During Madhabi Buch’s tenure at SEBI, several significant REITs were approved and went public, with Blackstone playing a prominent role as a sponsor. Hindenburg’s report alleges that Dhaval joined Blackstone as a Senior Advisor in July 2019, shortly after SEBI approved India’s first REIT, Embassy, which was sponsored by Blackstone. Hindenburg, in its latest report, raised concerns about Dhaval Buch's advisory position at Blackstone, a significant player in the Real Estate Investment Trusts (REITs) sector.

The Hindenburg Research has also alleged that SEBI chairperson Madhabi Puri Buch had a stake in obscure offshore entities used in Adani's ‘money siphoning scandal’ in its new investigative report.  

Congress demanded a JPC in that and urged the Supreme Court to take a suo moto case in this matter.