Dear reader,

Eighteen months ago, Hindenburg Research alleged that the Adani Group was pulling off "the largest con in corporate history". The conglomerate was accused of money laundering, accounting fraud and stock price manipulation using offshore shell companies.

If you're wondering why the Indian authorities (in particular the Securities and Exchange Board of India) have been slow to investigate these extremely serious claims, there may now be an answer.

Hindenburg Research's latest allegations suggest that SEBI Chairperson Madhabi Buch had "hidden stakes" in an offshore entity tied to the Adani Group's alleged misconduct. Buch, with the support of the Union government, has denied the allegations.

Scroll's own reporting, however, has brought to light details and questions that are unlikely to reassure Indian citizens and investors. Catch up on our coverage of this important story with lasting implications for India's capital markets.

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Team Scroll

Did SEBI chief disclose stakes in Adani-linked funds to Supreme Court panel?

The court had appointed an expert committee to probe potential regulatory failure by SEBI.

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SEBI chief claims her firms went ‘dormant’. Documents show otherwise

Madhabi Buch holds 99% stake in the Indian consulting firm, which reported Rs 3.63 crore in revenue between 2019 and 2024 to the Registrar of Companies.

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SEBI chief’s consulting firm shares address with its auditor

A consulting firm linked to Madhabi Buch, and mentioned in the Hindenburg report, has the same address as the firm scrutinising its financial statements.

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SEBI chief should have recused herself from Adani investigation, say experts

Madhabi Buch and her husband Dhaval Buch have denied the allegations made by Hindenburg Research.

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