On Saturday, quoting “whistleblower documents”, Hindenburg had alleged, “SEBI’s Chairperson and her husband, Dhaval Buch, had stake in obscure offshore entities used in Adani money siphoning scandal.”
The US firm Hindenberg that had levelled allegations against the Adani Group in last year, has now linked SEBI chairperson Madhabi Puri Buch and her Husband Dhaval Buch to the episode.
In a fresh wave of political rhetoric, Rahul Gandhi, the leader of the opposition in the Lok Sabha, has demanded a Joint Parliamentary Committee (JPC) to investigate charges against Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch, stemming from the latest Hindenburg report.
Gandhi, sounding alarmist, described the allegations as “explosive” and questioned why Buch had not resigned. His statement included suggestions that the Supreme Court might need to intervene again.
Gautam Adani-led Adani group on Sunday denied the allegations made by Hindenburg and termed those malicious, mischievous and manipulative’.
It also reiterated that its overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents.
The investors and traders were bracing for more volatility feel experts who do not rule out some weakness in the early phases of trading at least on Monday. Many independent market expert said that there will definitely be some impact , though one will thereafter need to watch out for whether fresh buying into the market comes at a lower level, as a support.
The positive was that the allegations by Hindenburg against the SEBI chief Madhabi Puri Buch and her husband Dhaval have been made on a weekend, when markets are closed, said an Head of retail Research at a domestic brokerage, on condition of anonymity.
it was assumed that a large part of any negative impact on investor sentiments may get diluted in more than a day since the allegations were made on Saturday night while market will open on the Monday morning Nevertheless there will definitely be some impact. The market will thereafter be watched, and how the noise is made by the opposition parties or various other such factors may be watched for said the expert.
However, in a striking show of resilience and maturity, the Indian stock market displayed little to no interest in Gandhi’s outburst.
By Monday morning, the S&P BSE Sensex had risen by 247.16 points to 79,953.07, while the NSE Nifty50 maintained stability with a slight dip of 60.55 points, settling at 24,428.05.
Clearly, Dalal Street investors weren’t buying into Soros Gang, Leftist Ecosystem and Rahul Gandhi’s panic-mongering.
SEBI advised investors to remain calm
Sebi on Sunday had advised investors to remain “calm and exercise due diligence” before reacting to such reports. “Investors should remain calm and exercise due diligence before reacting to such reports. Investors may also like to take note of the disclaimer in the report that states that readers should assume that Hindenburg Research may have short positions in the securities covered in the report,” Sebi said.
Hindenburg Research hits back SEBI Chief, are they planning for further attacks?
On Monday, Hindenburg Research again hit back at Madhabi Puri Buch alleging that she ensured the accounts with ties to Adani ‘be registered solely in the name of Dhaval Buch’, her husband, two weeks after her appointment as SEBI Chairperson and “redeemed the funds through her husband’s name”.
“Despite disclaiming control, a private email she sent a year into her SEBI term shows she redeemed stakes in the funds through her husband’s name, as per the whistleblower documents,” Hindenburg alleged on Monday.
It seems Hindenburg Research is not done yet, they are planning to orchestrate more attacks on Indian Companies and Financial Institutions in the near future.
