Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch. Photo: PTI
360-One said that IPE-Plus Fund 1, in which Puri Buch and her husband Dhaval Buch had exposure, did not make any investments in any of the shares of Adani Group directly or indirectly throughout the fund’s tenure.
The US-based short-seller has alleged that the Sebi chair had a ‘stake’ in the Adani Group entities through these funds, which are linked to the directors of the conglomerate and were used to siphon off funds.
Also Read: Who is Dhaval Buch? Sebi chief’s husband named in Hindenburg report
It added that IPE-Plus Fund 1 was a fully compliant and regulated fund and operated until October 2019. The fund was launched in October 2013.
“At its peak, the fund’s assets under management (AUM) reached approximately $48 million, with over 90 per cent of the fund consistently invested in bonds,” said the wealth management firm.
While levelling charges against Puri Buch, Hindenburg has cited documents and communication with IIFL attributed to a whistleblower.
The latest report by Hindenburg questions Puri Buch’s objectivity in handling and investigating the Adani firms for the alleged violations through foreign portfolio investors (FPIs) and siphoning off funds through these funds.
The report cites her stake in the FPI as the reason for the “unwillingness to take meaningful action” in the matter.
Further, it has alleged that the Sebi chair favoured reforms on real estate investment trusts (REITs) to help her husband’s current employer, Blackstone.
First Published: Aug 11 2024 | 3:34 PM IST
