Industry bodies representing the Real estate investments trusts (REITs) and alternate capital on Monday came in support of embattled Sebi chief Madhabi Puri Buch facing allegations by US short-seller Hindenburg Research of having stakes in obscure offshore funds linked to Adani group. New York-based Hindenburg Research has released a new set of documents to substantiate its accusation that the ongoing investigation into insider trading and other stock market violations by the Adani Group by India’s financial regulator — the Securities and Exchange Board of India (SEBI) — is compromised. In its latest tranche, Hindenburg has included emails and publicly available records of stakes held by SEBI Chairman Madhabi Puri Buch and her husband Dhaval Buch in Adani Group-related entities through little-known offshore investment funds to allege a conflict of interest that aided the Adani Group to “syphon monies”.
Indian REITs Association (IRA) said that claims made by the US-based short-seller suggesting that the REIT framework made by markets regulator Sebi serves the interests of a select few are “baseless and misleading”.
In fact, the association has commended Sebi and its leadership for crafting a “rigorous regulatory environment” that includes comprehensive periodic reporting requirements, mandatory independent valuations, and strict governance standards.