Hindenburg alleges India market regulator chief held stake in offshore funds used by Adani Group
U.S. based short-seller Hindenburg Research alleged on Saturday that the head of India’s market regulator, Madhabi Puri Buch, previously held investments in offshore funds also used by the Adani Group.
In a late night press statement, Buch said the report’s allegations were baseless.
A personal statement from Buch on Sunday said that all disclosure requirements had been followed diligently and that investments in the fund referred to in the Hindenburg report were made in 2015 in a private capacity, two years before she joined the Securities and Exchange Board of India.
India’s markets regulator also asked investors to remain calm and exercise due diligence before reacting to such reports.