| Ayush Tiwari, Scroll.in 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. Lack of disclosure means Madhabi Puri Buch potentially violated key regulations. scroll.in 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. We would not be able to do it without your support. Help us dig out inconvenient facts about those in power by becoming a Scroll Member today. Support Free & Independent Journalism scroll.in Thanks,
Ayush Tiwari The court had appointed an expert committee to probe potential regulatory failure by SEBI. scroll.in 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. scroll.in A consulting firm linked to Madhabi Buch, and mentioned in the Hindenburg report, has the same address as the firm scrutinising its financial statements. scroll.in See this post on web | 