Madhabi Buch, SEBI chairperson, and her husband Dhaval addressed allegations from Hindenburg’s research, revealing their 2015 investment made as private citizens. They clarified that the investment decision was influenced by Dhaval’s childhood friend, Anil Ahuja, and confirmed no investments in Adani group. They criticized Hindenburg for attacking SEBI’s credibility instead of addressing served show cause notice.

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Buchs clarified they invested in an IIFL Wealth Management fund as Singapore-based private citizens, two years before Madhabi joined Sebi.