“Nothing further to add”: Government stays silent as SEBI Chief faces Hindenburg allegations

In the wake of explosive allegations by Hindenburg Research against SEBI Chairperson Madhabi Puri Buch, the Ministry of Finance has chosen to remain tight-lipped. Economic Affairs Secretary Ajay Seth, in the first official response, stated that the government has “nothing further to add” on the matter.

Speaking to reporters, Seth reiterated that both SEBI and Buch had already issued statements regarding the accusations, which involve claims of conflict of interest and offshore investments linked to the Adani Group. “SEBI has given a statement. The concerned person has given a statement. I have nothing further to add,” Seth remarked, deflecting any further queries.

Hindenburg Research, known for its hard-hitting reports, recently accused Buch and her husband of holding stakes in offshore funds tied to the Adani money-laundering scandal. The allegations have sparked controversy, given SEBI’s ongoing investigations into the Adani Group.

In defence, SEBI quickly released a statement, asserting that its internal mechanisms, including disclosure requirements and recusal protocols, are robust enough to handle any potential conflicts of interest. “The Chairperson has also recused herself in matters involving potential conflicts of interest,” SEBI noted, pushing back against the claims.

Despite the gravity of the accusations, the government’s decision to sidestep further commentary has raised eyebrows, leaving many questioning the transparency and accountability of the regulatory framework. As the spotlight continues to shine on SEBI and its leadership, the silence from North Block only deepens the intrigue surrounding the case.