What SEBI, Madhabi Buch, and Adani are still silent on | Let Me Explain | Pooja Prasanna

Hindenburg has released its latest report alleging a conflict of interest by SEBI chief Madhabi Buch in the Adani investigation. In January 2023, Hindenburg Research accused the Adani Group of financial misconduct, alleging the use of offshore shell companies to manipulate stock prices and hide debt. This led to a significant drop in Adani's market value, prompting SEBI, India's market regulator, to launch an investigation. The Supreme Court also ordered parallel inquiries, with a six-member expert committee concluding that there was no clear evidence of manipulation or regulatory failure. However, recent allegations by Hindenburg have raised concerns about a potential conflict of interest involving SEBI chairperson Madhabi Buch, who, along with her husband, reportedly invested in an Adani-linked fund, casting doubt on the impartiality of SEBI's investigation. This week, in Let Me Explain, Pooja Prasanna simplifies the latest Hindenburg report and explains how SEBI, the Buchs and the Adani group have much to answer.