SEBI Chair Madhabi Puri Buch and her husband Dhaval Buch have released a joint statement that provides a thorough analysis of the accusations made by Hindenburg Research. According to the head of the capital markets regulator, the pair has complied with all the disclosure requirements and adhered to the strong "institutional mechanisms of disclosure and recusal norms" of the Securities and Exchange Board of India (SEBI).
"The investment in the fund referred to in the Hindenburg report was made in 2015 when they were both Singaporean private citizens and nearly two years before Madhabi joined SEBI, even as a Whole Time Member," the statement read. Anil Ahuja, the chief investment officer, is a boyhood friend of Dhaval's from school and IIT Delhi. He has decades of solid investing experience and was formerly employed by Citibank, JP Morgan, and 3i Group plc. This is why the investment was made in the fund.
In reference to Dhaval Buch's appointment to Blackstone, the statement made it clear that his supply chain management experience led to his joining the organization as a senior advisor. The pair added that Dhaval is not connected to the company's real estate holdings and that this appointment has been made public known.
Notably, the Hindenburg report claimed that significant modifications to Real Estate Investment Trust (REIT) regulations were implemented by SEBI when Dhaval was working with Blackstone. As per the research, the corporation, which has been a significant participant in the industry, benefited indirectly from this. Buch and her spouse clarified in the statement that they are addressing the specific accusations made against them in the Hindenburg report and that SEBI will separately handle the claims made against the regulator.
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