Hindenburg Research Report Updates: Market expert Madhusudhan Kela has strongly refuted the allegations made by U.S. short-seller Hindenburg Research against SEBI chief Madhabi Puri Buch and her husband, dismissing them as part of a larger ‘conspiracy’ intended to tarnish India’s reputation, rather than legitimate claims against specific individuals or organizations.
Hindenburg Research Report Updates: Hindenburg Research, via the microblogging platform X, has responded to SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, regarding the accusations mentioned in their August 10 report. The Buchs previously clarified that their 2015 investment in a fund was made while they were private citizens residing in Singapore, almost two years before Madhabi Buch’s appointment as a SEBI Whole Time Member.
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SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, have provided a detailed response to the accusations by Hindenburg Research, emphasizing their adherence to transparency and regulatory standards.
Hindenburg claims that Madhabi Buch still owns 99% of Agora Advisory Limited, an active Indian consulting firm generating revenue. The Singaporean entity, Agora Partners Singapore, was fully owned by Buch until March 16, 2022—during her tenure as a Whole Time Member of SEBI—before she transferred ownership to her husband shortly after becoming SEBI Chairperson.
Hindenburg Research Report Updates: Strict Action Against Hindenburg, says Union Minister Giriraj Singh
Union Minister Giriraj Singh stated that Hindenburg Research, in collusion with Congress, has defamed the country, and “strictest action” will be taken against the U.S. short-seller.
“This is a conspiracy to defame the country, involving Rahul (Gandhi) and Jairam Ramesh. Hindenburg has insulted us, and we will not tolerate this. These individuals are enemies of the nation, and the strictest action will be taken against Hindenburg,” Singh said.
Hindenburg Research Report Updates: Former SEBI official JN Gupta has called Madhabi Puri Buch’s rebuttal fair, stating that the allegations appear baseless and an attempt to create fiction from nothing.
He noted, “Investments made before tenure at SEBI were in a fund where Vinod Adani, brother of billionaire Gautam Adani, was an investor. When we invest in mutual funds, do we inquire about all co-investors?”
Hindenburg Research Report Updates: The Indian Venture Capital Association (IVCA) released a statement emphasizing SEBI’s consistent commitment to market integrity, regulatory governance, and investor protection under Madhabi Buch’s leadership.
“We believe the recent allegations by Hindenburg are unwarranted and reflect a misunderstanding of the Indian regulatory environment,” IVCA added.
Hindenburg Research Report Updates: Market veteran Madhusudhan Kela dismissed Hindenburg Research’s allegations against SEBI chief Madhabi Puri Buch and her husband, calling them part of a larger ‘conspiracy’ aimed at damaging India’s reputation, without presenting any genuine claims.
Hindenburg Research Report Updates: Madhusudan Kela reassured investors that there is no need for concern and believes the market will absorb this news quickly.
“Before releasing this report, Hindenburg should have considered their own credibility. People noted the first report, but nothing substantial came of it. The group in question has remained strong, even conducting a $1 billion QIP recently with participation from top investors, including myself. I don’t believe this will cause lasting damage to the group or the market at large,” he added.
Hindenburg Research Report Updates: Strictest Action Against Hindenburg, says Union Minister Giriraj Singh
Union Minister Giriraj Singh reiterated that Hindenburg Research has defamed the country in alliance with Congress and that “strictest action” will be taken against the U.S. short-seller.
“This conspiracy to defame the country involves Rahul Gandhi and Jairam Ramesh. Hindenburg has insulted us, and this will not be tolerated. These individuals are enemies of the nation, and the strictest action will be taken against Hindenburg,” Singh said.
Hindenburg Research Report Updates: Market veteran Madhusudhan Kela again dismissed Hindenburg Research’s allegations against SEBI chief Madhabi Puri Buch and her husband, calling them part of a broader ‘conspiracy’ aimed at damaging India’s reputation, without presenting any genuine claims.
Hindenburg Research Report Updates: BJP MP Ravi Shankar Prasad accused Congress of attempting to crash the entire stock market through their association with Hindenburg.
Prasad stated, “Today we want to raise some issues. Who is investing in Hindenburg? George Soros, who regularly runs propaganda against India, is the main investor there. In their pathological hatred against Narendra Modi, the Congress Party has developed hatred against India itself. If India’s stock market gets disturbed, won’t small investors be troubled?”
Hindenburg Research Report Updates: BJP MP Ravi Shankar Prasad criticized the Hindenburg report as a conspiracy to destabilize India’s economy, claiming that Soros is the main investor pulling the strings.
Prasad stated, “…After being rebuffed by the people of India, the Congress party, its allies, and the toolkit gang have conspired together to bring economic anarchy and instability to India. The Hindenburg report is released on Saturday, causing an uproar on Sunday so that the capital market is destabilized on Monday. India is a safe, stable, and promising market, and it is SEBI’s legal responsibility to ensure that the market runs smoothly.”
Hindenburg Research Report Updates: The Indian Venture Capital Association (IVCA) expressed full confidence in Madhabi Puri Buch’s leadership and ability to handle the allegations with diligence and integrity, stating that they will continue working closely with SEBI to ensure the growth and success of the Indian capital markets.
Hindenburg Research Report Updates: SEBI has consistently demonstrated an unwavering commitment to market integrity under Buch’s leadership, according to the IVCA.
“We believe the recent allegations by Hindenburg are unwarranted and reflect a lack of understanding of the Indian regulatory environment,” IVCA added.
Hindenburg Research Report Updates: Centre’s First Reaction on These Allegations
The Centre responded to Hindenburg’s allegations against SEBI chief Madhabi Puri Buch by stating, “The regulators have spoken, the government has nothing to add,” according to Ajay Seth, Secretary of the Department of Economic Affairs.
Hindenburg Research Report Updates: Sanjay Asher of Crawford Bayley and Co. suggested that Madhabi Puri Buch and her husband file a defamation suit against Hindenburg, as they have sufficiently clarified their tenures and holdings.
“I do not see any merit in the Hindenburg report. If all clarifications have been put out, it is fine. They should file a defamation suit against Hindenburg, and the government should also take stringent action against the entity,” Asher said.
Hindenburg Research Report Updates: Former SEBI official JN Gupta praised Madhabi Puri Buch’s rebuttal as fair, stating that the allegations seem baseless and an attempt to create fiction.
“Some investments made before her SEBI tenure were in a fund where Vinod Adani—brother of billionaire Gautam Adani—was an investor. When we invest in mutual funds, do we ask for details of all co-investors?” Gupta added.
Hindenburg Research Report Updates: Market investor Vijay Kedia commented on the Hindenburg report by posting on X: “Turns out, the Hindenburg wasn’t so smart…”
Hindenburg Research Report Updates: The Buchs clarified that their 2015 investment in IPE-Plus Fund 1, cited in the Hindenburg report, was made while they were private citizens living in Singapore and based on their friendship with Anil Ahuja, a banking and investment firm veteran. They exited the investment in 2018 when Ahuja left his position as chief investment officer. The fund never invested in any Adani group securities.
Hindenburg Research Report Updates: BJP leader Nalin Kohli raised concerns about international forces attacking Indian democracy and the economy.
Kohli stated, “This is very worrying. An international company is releasing reports, and despite the Supreme Court finding no facts in the report
