Fresh reports by Hindenberg have revealed that SEBI chairperson Madhavi Puri Buch and her husband had allegedly invested in offshore funds linked to the Adani group without the mandatory disclosures required of an Indian citizen/ entity / corporate. It is shocking that the person at the helm of the country's securities market watchdog would have a financial stake in funds believed to have been used to amass considerable shareholding in Adani companies in brazen violation of SEBI's own regulatory guidelines. This could very well explain SEBI's reluctance to investigate the Adani scam last year, a tainted entity would only protect another tainted entity. The latest Hindenburg Research paper reveals that the chairperson and her husband amassed large stakes in Adani group companies illegally. This smells like the ex-ICICI chairperson Chanda Kochhar and her husband's bribery scandal a few years ago. Madhavi Puri Buch had also not revealed to the Indian income tax authorities, her foreign income running into millions accrued on account of her offshore consultancy services. This mother of all scams needs to be probed by the Supreme Court by taking suo motu action.
