SEBI chief, husband hit out at Hindenburg
SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, issued a comprehensive rebuttal on Sunday to the accusations made by US short-seller Hindenburg Research. In their detailed statement, the Buchs expressed dismay that instead of addressing the show-cause notice, the short-seller chose to attack SEBI’s credibility and engage in what they described as a character assassination of the SEBI Chairperson.
The statement, released in their personal capacity, refuted the allegations point by point. The couple highlighted that the contested investment in question occurred before Madhabi Puri Buch’s tenure at SEBI. Their response aimed to clarify the situation and counteract what they perceived as a deliberate attempt to undermine the integrity of SEBI and its leadership.
What the statement says
The investment in the fund referred to in the Hindenburg report was made in 2015 when they were both private citizens living in Singapore and almost 2 years before Madhabi joined SEBI, even as a Whole Time Member.
The decision to invest in this fund was because the Chief Investment Officer, Anil Ahuja, is Dhaval’s childhood friend from school and IIT Delhi and, being an ex-employee of Citibank, J P Morgan, and 3i Group plc, had many decades of a strong investing career.
The fact that these were the drivers of the investment decision is borne out by the fact that when, in 2018, Ahuja left his position as CIO of the fund, “we redeemed the investment in that fund.
“As confirmed by Ahuja, at no point in time did the fund invest in any bond, equity, or derivative…,” the couple stressed.
The statement said that Dhaval’s appointment, in 2019, as Senior Advisor to Blackstone Private Equity was on account of his deep expertise in Supply Chain management.
“Thus, his appointment pre-dates Madhabi’s appointment as SEBI Chairperson. This appointment has been in the public domain ever since. At no time has Dhaval been associated with the Real Estate side of Blackstone. On his appointment, the Blackstone Group was immediately added to Madhabi’s recusal list maintained with SEBI.”
Hindenburg responds
In a series of tweets on X (formerly Twitter), Hindenburg Research has responded to statements made by SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, concerning allegations that Hindenburg raised on August 10, 2024. The Buchs had addressed the accusations by clarifying their investment in a fund, which they stated was made in 2015 while they were private citizens residing in Singapore, nearly two years before Madhabi Buch joined SEBI as a Whole Time Member.
The two consulting firms established by Madhabi Puri Buch during her time in Singapore—one in India and one in Singapore—became dormant upon her appointment to SEBI. These companies and her shareholding were fully disclosed to SEBI. The statement also noted that Dhaval Buch, following his retirement from Unilever in 2019, began his own consultancy practice through these firms.
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Do we need to reply to scoundrels ?
Should tell that first get signature of that person (Pappu) who discovered which religion or caste he belongs to !! & then come to me for answers.