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Hindenburg Research alleged on August 10, 2024, that Madhabi Puri Buch, then chairperson of India’s Securities and Exchange Board of India (SEBI), and her husband, Dhaval Buch, had held an interest in an offshore fund structure that Hindenburg linked to Vinod Adani. The Buchs denied wrongdoing and said their investment predated her SEBI tenure and was redeemed in 2018. The cited reports document competing claims, not a final finding that the alleged connection compromised SEBI’s work.
What did Hindenburg allege?
In its August 10, 2024 report, Hindenburg said the Buchs had an interest in Global Dynamic Opportunities Fund (GDOF), and described a later account statement as identifying “GDOF Cell 90 (IPEplus Fund 1).” Hindenburg alleged that the same fund cell was associated with Vinod Adani. It argued that this alleged overlap raised questions about SEBI’s impartiality and its investigation of Adani-related offshore shareholders.
Hindenburg said Dhaval Buch wrote to a Mauritius fund administrator in March 2017 about the couple’s investment. It put the value of the Buchs’ stake at US$872,762.25, based on documents it said it received from a whistleblower. That is Hindenburg’s reported valuation; the other cited coverage does not independently verify the amount or establish the alleged connection as fact.
What did the Buchs say about the investment?
Madhabi and Dhaval Buch denied Hindenburg’s allegations. In a joint statement reproduced by India Today, they said they invested in IPE Plus Fund 1 in 2015, while they were private citizens living in Singapore—almost two years before Madhabi Buch joined SEBI.
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They said the investment reflected their relationship with the fund’s chief investment officer, Anil Ahuja, and his investment career. They said they redeemed it in 2018 after Ahuja left the fund. Their statement included the line, “Our life and finances are an open book.”
Did IPE Plus Fund 1 invest in Adani securities?
The Buchs said the fund had not invested in Adani Group bonds, equity or derivatives. 360 ONE Asset Management, formerly IIFL Wealth Management, was separately reported as saying that IPE Plus Fund 1 made no direct or indirect investment in Adani shares. Moneycontrol reported the manager’s denial.
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Those statements address fund investment activity, but do not by themselves settle every issue raised by Hindenburg, including the alleged account ownership and overlap, any disclosure questions, or whether a conflict existed. Hindenburg later challenged parts of the Buchs’ response and raised questions about their consulting companies and clients; those follow-up points remain Hindenburg’s claims and questions in the cited coverage.
How do the claims and responses line up?
| Issue | Hindenburg’s account | Buchs’ or manager’s response |
|---|---|---|
| Timing | Hindenburg cited a March 2017 letter about the investment. | The Buchs said they invested in 2015, before Madhabi Buch joined SEBI, and redeemed in 2018 after Ahuja left the fund. |
| Fund identity and alleged overlap | Hindenburg described a GDOF account statement naming “GDOF Cell 90 (IPEplus Fund 1)” and alleged the cell was associated with Vinod Adani. | The cited response disputes Hindenburg’s allegations, but does not independently resolve the alleged association. |
| Adani investments | Hindenburg’s report raised concerns about the offshore structure and Adani-related shareholders. | The Buchs denied that the fund invested in Adani bonds, equity or derivatives; 360 ONE was reported as denying direct or indirect Adani share investment by IPE Plus Fund 1. |
| Finding of wrongdoing | Hindenburg argued the alleged overlap raised concerns about SEBI’s impartiality. | The cited material does not establish a final adjudication finding wrongdoing in this specific matter. |
What is established—and what remains unresolved?
The cited 2024 coverage establishes that Hindenburg made the allegations, the Buchs denied them and offered an investment timeline, and 360 ONE was reported as denying direct or indirect Adani share investments by IPE Plus Fund 1. It does not independently establish Hindenburg’s claimed fund connection or resolve the broader conflict-of-interest questions.
The cited material also does not establish the present-day status of SEBI’s related investigations or any later official ruling. The August 2024 allegations and responses should not be read as an account of current procedural status.
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