“The current SEBI chairperson and her husband Dhaval Buch had hidden stakes in the same Bermuda and Mauritius offshore funds, which are in the same complex nested structure used by Vinod Adani,” Hindenburg said in a report.
The report, citing documents from a whistleblower, claims that Madhabi Buch and her husband Dhaval Buch appear to have opened their account at IPE Plus Fund 1 on June 5, 2015 in Singapore. Hindenburg claimed that the Mauritius offshore fund was set up by an Adani director through India Infoline and is registered in the tax haven of Mauritius.
“We suspect that SEBI is not willing to take meaningful action against suspicious offshore shareholders in the Adani Group “This could be due to the complicity of Chairman Madhabi Buch in using exactly the same funds used by Vinod Adani, brother of Gautam Adani,” Hindenburg said.
The US-based short-seller also submitted a copy of corporate affairs ministry records that apparently show the Sebi chief owns 99% of the shares in a consulting firm called Agora Advisory, where her husband is a director. “In 2022, this entity reported $261,000 in consulting income, 4.4 times her disclosed salary at SEBI,” the report said, adding that the Singapore offshore entity is exempt from disclosing financial statements, so it is unclear how much income she earns from her consulting business and from whom.
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