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'Will get accused for conflict of interest if I say anything on…': Sebi chief
Hindenburg Research accused Sebi chairperson Madhabi Puri Buch of conflict of interest; she and her husband denied all allegations, asserting full disclosure.
Capital markets regulator Sebi chairperson Madhabi Puri Buch said that if she participated in a discussion on real estate investment trusts (REITs) at a Confederation of Indian Industry event, it may result in accusations against her. She said, “Today, if I speak anything about REIT, I’m accused of conflict of interest."
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This comes after the Sebi boss faced scrutiny after US-based short seller Hindenburg Research alleged that Madhabi Puri Buch had a conflict of interest with Blackstone as her husband Dhaval Buch was appointed as an advisor to the global asset management company- a major investor in Real Estate Investment Trusts (REITs).
Sebi chair praised REITs as her “favourite products for the future” and urged investors to look “positively” upon the asset class, Hindenburg alleged in its report. It added, "While making those statements, she omitted to mention that Blackstone, who her husband advises, stands to gain significantly from the asset class”.
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Sebi refuted Hindenburg’s allegations and said that it has consistently highlighted the role of REITs, SM REITs, InvITs, Municipal Bonds, etc, to advance Indian securities market.
Madhabi Puri Buch and her husband, denied the allegations as well as the couple said in a joint statement, “In the context of allegations made in the Hindenburg Report dated August 10,2024 against us, we would like to state that we strongly deny the baseless allegations and insinuations made in the report. The same is devoid of any truth."
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They added, "Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them."
