Dear reader,
On August 10, Hindenburg Research alleged that SEBI chairperson Madhabi Buch and her husband had invested in an offshore fund linked to the Adani Group, which the market regulator has been investigating for stock price manipulation and money laundering.
SEBI immediately defended Buch, saying she had “recused herself in matters involving potential conflicts of interest”. Our latest reporting suggests this might not have been the case.
According to a SEBI board member who spoke to Scroll on the condition of anonymity, Buch did not recuse herself from the probe, instead overseeing it “because it was ordered by the Supreme Court”. A year and a half later, the probe has not been completed.
This is only the latest in our reporting on this controversy, which has been acknowledged by seasoned journalists and India's largest opposition party, the Congress.
India has several news channels, websites and legacy pink papers dedicated to financial journalism, but it was a small newsroom at Scroll that brought these stories to you.
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Thanks,
Ayush Tiwari
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