‘Madhabi Buch disclosed, recused herself when necessary’: Sebi on Hindenburg report – Times of India

NEW DELHI: Securities and exchange board of India on Sunday responded to the Hindenburg report saying that the chairperson Madhabi Puri Buch made “relevant disclosures” from time to time and recused herself in matters involving conflict of interest.
“It is emphasized that Sebi has adequate internal mechanisms for addressing issues relating to conflict of interest, which include disclosure framework and provision for recusal.It is noted that relevant disclosures required in terms of holdings of securities and their transfers have been made by the Chairperson from time to time. Chairperson has also recused herself in matters involving potential conflicts of interest,” it said in a statement.
Sebi rejected the claims made by the US-based short seller, saying that “the allegations brought forth by Hindenburg Research against the Adani Group have been thoroughly investigated by Sebi.” It also said that the Supreme Court had acknowledged Sebi’s completion of investigations in 22 out of 24 cases.
“Hon’ble Supreme Court in its Order of January 3, 2024, noted that Sebi had completed twenty-two out of twenty-four investigations into the Adani group. Subsequently, one more investigation was completed in March 2024, and one remaining investigation is close to completion,” the statement said.
Advising the investors to “remain calm” before reacting to such reports, the monitoring body said, “Investors should remain calm and exercise due diligence before reacting to such reports. Investors may also like to take note of the disclaimer in the report that states that readers should assume that Hindenburg Research may have short positions in the securities covered in the report.”