SEBI chief accused of conflict of interest in Adani Saga

The Adani Group controversy has taken a dramatic new turn with US short-seller Hindenburg Research leveling serious allegations against Securities and Exchange Board of India (SEBI) Chairperson Madhabi Buch and her husband Dhaval Buch.

Hindenburg's report claims the couple held stakes in offshore funds allegedly connected to the Adani Group, raising concerns about a potential conflict of interest. The short-seller further alleges these funds were instrumental in the "money laundering" scheme it accused the conglomerate of.

Specific allegations include the Buchs' involvement in offshore entities linked to Vinod Adani, Gautam Adani's brother. Hindenburg has provided detailed financial records and whistleblower testimonies to substantiate its claims.

The opposition parties have seized on the allegations, demanding a Joint Parliamentary Committee (JPC) probe into the matter. They have called for Buch's resignation, alleging that her involvement could compromise the integrity of the SEBI's investigation into the Adani Group.

In a swift response, the Buchs have categorically denied all allegations, labeling them as a "malicious and unfounded attack" on their reputation. They have asserted that their investments were made in a personal capacity and were entirely legal and ethical.

The SEBI has also responded to the allegations, stating that it is conducting a thorough investigation into the matter and will take appropriate action if any wrongdoing is found.

The latest developments have escalated the Adani-Hindenburg saga to unprecedented levels, with implications for the Indian financial market and the government's credibility.

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