Hindenburg asks SEBI chairperson to come clean on clients dealt by her consulting firms

“The Indian entity, still 99 per cent owned by the SEBI chairperson, has generated INR 23.985 million (U ~$312,000) in revenue (i.e.consulting) during the financial years (’22, ’23, and ’24), while she was serving as Chairperson, per its financial statements,” it said.

Hindenburg cited whistleblower documents to state that “Buch used her personal email to do business using her husband’s name while serving as a Whole Time Member of SEBI.”

“In 2017, weeks ahead of her appointment as SEBI Whole Time Member, she ensured the accounts with ties to Adani ‘be registered solely in the name of Dhaval Buch’, her husband, as per whistleblower documents.

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, per the whistleblower documents.

This raises the question: What other investments or business has the SEBI Chairperson engaged in through her husband’s name while serving in an official capacity?” it asked.

Buch, according to Hindenburg, said her husband used the consulting entities starting in 2019 to transact with unnamed “prominent clients in the Indian industry”.

“Do these include clients SEBI is tasked with regulating?” it asked.

“Buch’s statement promised a ‘commitment to complete transparency’.

Given this, will she publicly release the full list of consulting clients and details of the engagements, both through the offshore Singaporean consulting firm, the Indian consulting firm and any other entity she or her husband may have an interest in?” Hindenbug asked.

“Finally, will the SEBI Chairperson commit to a full, transparent and public investigation into these issues?”, it further asked.