American short-seller firm Hindenburg has made serious allegations against SEBI Chairperson Madhabi Puri Buch, claiming that shares of Adani Group companies were artificially inflated through Mauritius funds in which Puri and her husband hold stakes. According to whistleblower documents, Vinod Adani, Gautam Adani’s brother, controls several offshore Bermuda and Mauritius funds that include shares held by Puri and her husband Dhaval Buch. Hindenburg estimates the net worth of these shares to be up to $10 million (approximately ₹83 crore). Madhabi Puri has denied these allegations.
The issue has sparked widespread discussion across the country. In response, opposition leader Rahul Gandhi has criticized the SEBI Chairperson for not resigning despite the allegations. He highlighted that honest investors are questioning the government’s response to the matter. Rahul Gandhi also questioned why Puri has not stepped down and who would be held accountable if investors lose their money—Prime Minister Modi, the SEBI Chairperson, or Gautam Adani.
Additionally, Gandhi queried whether the Supreme Court would take suo motu action given the seriousness of the allegations. It is now clear that why Prime Minister Modi’s reluctance to allow a Joint Parliamentary Committee investigation. Rahul Gandhi also questioned the source of ₹20,000 crore invested in Adani companies through shell companies and accused that his suspension was an attempt to avoid answering this question. He criticized SEBI and other institutions for compromising on the investigation.