SEBI Chief Denies Hindenburg Report: “Attempt To Character Assassination”

The chief of markets regulator SEBI has strongly denied the latest Hindenburg Research report as “baseless allegations and insinuations”. Securities and Exchange Board of India chairman Madhabi Puri Buch and her husband Dhaval Buch called it an attempted “character assassination” in response to SEBI action against the short-seller.

The markets regulator had in July flagged a violation by Hindenburg and its sole beneficial owner Nathan Anderson under the SEBI Act, SEBI’s Prevention of Fraudulent and Unfair Trade Practices regulations, and SEBI’s Code of Conduct for Research Analyst regulations.

The SEBI chief also said in the statement that they are ready to disclose any financial document if sought by authorities.

Here’s the full statement:

In the context of allegations made in the Hindenburg Report dated August 10,2024 against us, we would like to state that we strongly deny the baseless allegations and insinuations made in the report. The same are devoid of any truth. Our life and finances are an open book.  All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. Further, in the interest of complete transparency, we would be issuing a detailed statement in due course.

It is unfortunate that Hindenburg Research against whom SEBI has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same.   

Madhabi Puri Buch
Dhaval Buch