Investors should stay calm: SEBI on Hindenburg’s allegations

Market regulator SEBI on Sunday said investors should remain calm and exercise due diligence before reacting to the report released by Hindenburg Research.

“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 in a statement.

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SEBI chief Madhabi Puri, husband call Hindenburg allegations ‘baseless and insinuations’

SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch refuted the allegations made against them by American short-seller Hindenburg Research terming them as baseless and insinuations aimed at character assassination.

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AMFI says Hindenburg’s allegations against Buch an attempt to create a hurdle in India’s growth

The Association of Mutual Funds in India has said the Hindenburg Research allegations against the capital market regulator Chairperson Madhabi Puri Buch is an attempt to create a hurdle in India’s endeavour to becoming a developed economy.

Investors and partners must rest assured that India’s financial system is secure, transparent and designed to foster growth and innovation with high integrity driven right from the top of the institution, said AMFI in a statement on Sunday.

The allegations not only attempt to undermine the Chairperson’s contribution to the Indian capital market but also undermine the country’s economic progress and creates a trust deficit in the market ecosystem by connecting random events done in the past, it said.

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Hindenburg allegations not more than a red herring: Adani group

Adani group on Sunday said the latest allegations Hindenburg are malicious, mischievous and manipulative selections of publicly available information to arrive at pre-determined conclusions for personal profiteering with wanton disregard for facts and the law, 

“We completely reject these allegations against the Adani group which are a recycling of discredited claims that have been thoroughly investigated, proven to be baseless and already dismissed by the Hon’ble Supreme Court in March 2023,” the spokesperson for Adani said.

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Will Hindenburg allegations jeopardize Madhabi Puri Buch’s case for reappointment as SEBI chairperson next year? 

Hindenburg Research’s latest allegations may weaken SEBI chairperson Madhabi Puri Buch’s case for reappointment next year should she seek one.

“The government would have to stand behind her and justify that she’s innocent and a scapegoat. It’ll be easy for the government to nominate someone with a clean track record rather than waste time in justifications. Also, there is the issue of institutional integrity,” said a legal expert.

Buch’s three-year tenure as SEBI Chairperson ends in March next year, unless she is given an extension.

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Adani Group stocks in focus: “Our life and finances are an open book”; SEBI chief Madhabi Buch on Hindenburg allegations

SEBI chairperson Madhabi Puri Buch and her husband Dhaval Buch termed the allegations made by Hindenburg Research as baseless and denied the “insinuations made in the report.”

“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,” they said in a joint statement.

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Adani Group stocks in focus: SEBI Chairperson, her husband had hidden stakes in obscure offshore funds with links to Vinod Adani: Hindenburg Research

In a new report published by Hindenburg, the hedge fund said “despite the existence of thousands of mainstream, reputable onshore Indian mutual fund products, an industry she now is responsible for regulating, documents show SEBI Chairperson Madhabi Buch and her husband had stakes in a multi-layered offshore fund structure with miniscule assets, traversing known high-risk jurisdictions, overseen by a company with reported ties to the Wirecard scandal, in the same entity run by an Adani director and significantly used by Vinod Adani in the alleged Adani cash siphoning scandal.”

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Adani Group stocks in focus: Hindenburg report’s impact 

Gift Nifty indicates a flat to negative start for domestic markets on Monday. Following scathing reports against Hindenburg that directly accused SEBI chief Madhabi Buch, traders are a little nervous. However, analysts do not expect the report to have a big impact on the market.

KS Badri Narayanan of businessline writes

Adani Group stocks in focus: All Adani stocks decline

Adani Group stocks slump in early trade on the NSE around 10 am 

Adani Total Gas (-6.97%)

Adani Energy Solutions (-5.42%)

Adani Power (-5.42%)

Adani Enterprises (-5.07%)

Adani Wilmar (-4.70%)

Adani Green Energy (-4.41%)

Adani Ports and SEZ (-3.57%)

ACC (-2.38%)

Ambuja Cements (-1.88%)

NDTV (-3.03%)