Hindenburg Research Report and IVCA's Response
The Indian Venture and Alternate Capital Association (IVCA) has come out in support of Sebi Chairperson Madhabi Puri Buch, who was accused by US-based short-seller Hindenburg Research of having invested in an offshore fund that also invested in Adani Group stocks.
IVCA, in a press release, dismissed Hindenburg's allegations as unfounded and lacking insight into the Indian regulatory landscape. They highlighted Sebi's crucial role in maintaining the integrity and stability of India's financial ecosystem, particularly under Buch's leadership. They credited her with demonstrating an unwavering commitment to market integrity, regulatory governance, and investor protection.
IVCA expressed full support for Buch and her ability to address these claims with the same diligence and integrity that have marked her tenure. They reiterated their dedication to collaborating with Sebi and its leadership to foster the ongoing growth and success of India's capital markets.
Both Buch and her husband have refuted the allegations leveled by Hindenburg. Buch pointed out that Hindenburg is facing an enforcement action and show cause notice from Sebi, and suggested their accusations are an attempt at character assassination in response.
Adani Group also issued a statement, terming the allegations malicious, mischievous, and manipulative. They clarified that the Adani Group has no commercial relationship with the individuals or matters mentioned in the report. They reaffirmed their commitment to transparency and compliance with all legal and regulatory requirements.