The Adani-Hindenburg saga, which began in January 2023, has seen new developments as US short seller Hindenburg Research makes fresh allegations against SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch. As SEBI concluded its investigation into the Adani Group, Hindenburg accused the regulator of ignoring critical issues, suggesting that the Buchs had investments in an offshore fund linked to Adani.The controversy dates back to January 24, 2023, when Hindenburg Research released a report titled, Adani Group: How The Worlds 3rd Richest Man Is Pulling the Largest Con in Corporate History. NEW FROM US:Adani Group – How The Worlds 3rd Richest Man Is Pulling The Largest Con In Corporate Historyhttps://t.co/JkZFt60V7f(1/x)— Hindenburg Research (@HindenburgRes) January 25, 2023The report triggered a significant fall in Adani Group stocks, coinciding with Adani Enterprises Rs 20,000 crore follow-on public offer (FPO). SEBI was accused of succumbing to political pressure, causing its investigations into Adani to stall.On January 26, 2023, the Adani Group dismissed the allegations as baseless, though their shares continued to plummet, resulting in substantial losses. Despite this, Adani Enterprises FPO was fully subscribed by January 31.In February 2023, a Public Interest Litigation (PIL) was filed in the Supreme Court, calling for an investigation into Hindenburgs claims. The Court responded on March 2, asking SEBI to complete its probe within two months. Additionally, a six-member expert panel was appointed to investigate. By May, SEBI requested more time, ultimately filing an affidavit in August detailing the progress of its 24 investigations, with 22 completed.In November 2023, the Supreme Court reserved its verdict on the allegations, dismissing a plea in January 2024 for a CBI probe, reinforcing SEBIs authority over market regulation. By June 2024, Adani shares had recovered, but Hindenburg resurfaced in July, accusing SEBI of targeting them for exposing corruption.On August 10, 2024, Hindenburg released a report implicating SEBIs Chairperson and her husband in the Adani scandal, sparking a strong denial from the Buchs and Adani Group. As markets braced for Mondays volatility, SEBI urged investors to remain calm.NEW FROM US:Whistleblower Documents Reveal SEBIs Chairperson Had Stake In Obscure Offshore Entities Used In Adani Money Siphoning Scandalhttps://t.co/3ULOLxxhkU— Hindenburg Research (@HindenburgRes) August 10, 2024
