Sebi vs Hindenburg: No relationship between Dhaval Buch, Blackstone's REITS

There is no relationship between the real estate investment trust (Reit) floated by the US-based private equity (PE) major Blackstone and its senior advisor Dhaval Buch, husband of Securities and Exchange Board of India (Sebi) Chairperson Madhavi Puri Buch, according to a senior source at Blackstone.

The source was responding to Hindenburg Research allegations that Dhaval had not worked for a fund in real estate or capital markets before, based on his LinkedIn profile.

The source said that Dhaval has been a senior advisor to Blackstone PE since 2019, and his appointment has been public knowledge. He has never been involved with real estate, Reits, capital markets, or any regulatory interface while at Blackstone.

The source added that his appointment predates Madhavi Buch’s appointment as Sebi chairperson (March 2, 2022).

Dhaval had previously retired as chief procurement officer for Unilever. As a senior advisor to Blackstone PE, he exclusively advises PE companies across Asia on procurement and supply chain-related topics, which is his area of expertise. He is not involved in any investment-related activities, the source said.

A decade ago, Sebi approved a long-pending proposal to introduce Reits in India, creating a new investment avenue for institutional investors, wealthy individuals, and eventually ordinary investors.

India now has three listed office Reits — Embassy, Mindspace Business Parks, and Brookfield India — and one listed retail Reit, Nexus Select Trust.