The Hindenburg-Adani-SEBI Controversy: Timeline Of Key Events

US short-seller Hindenburg Research has made new allegations against Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch and her husband, Dhaval Buch.

In a recent blog post, Hindenburg claimed that the Buchs held stakes in obscure offshore funds linked to the Adani money siphoning scandal.

Photo Credit: PTI

The report criticises SEBI's "surprising lack of interest" in investigating Adani's alleged web of undisclosed Mauritius and offshore shell entities, despite 18 months having passed since Hindenburg's initial report.

The offshore funds in question, based in Bermuda and Mauritius, are allegedly controlled by Vinod Adani, the elder brother of Adani Group Chairman Gautam Adani.

These funds were purportedly used to round-trip funds and inflate stock prices.

Madhabi Buch and her husband have dismissed Hindenburg's claims as "baseless allegations and insinuations" and an attempt at "character assassination."

Here's a timeline of the Adani-Hindenburg-SEBI case:

January 2023: Hindenburg Research publishes a report accusing the Adani Group of manipulating its share prices and pulling off "the largest con in corporate history" through a network of companies in tax havens, inflating revenue, and stock prices while accumulating debt.

February 2023: A public interest litigation (PIL) is filed in the Supreme Court, calling for a committee under a retired judge to investigate the allegations.

March 2, 2023: The Supreme Court establishes a six-member expert committee to investigate whether there was a regulatory failure in addressing the alleged contraventions of securities market laws by the Adani Group or other companies. The Court also forms a panel to protect Indian investors after Hindenburg's report led to a significant drop in the conglomerate's market value.

May 2023: The court-appointed expert committee submits its report.

May 17, 2023: The Supreme Court grants SEBI an extension until August 14, 2023, to report on its investigation into Adani's stock price manipulation allegations.

November 24, 2023: The Supreme Court reserves its verdict on multiple petitions related to the Adani-Hindenburg dispute.

January 3, 2024: The Supreme Court declines to transfer the investigation to a special team and instructs SEBI to complete its probe into two pending cases within three months.

June 2024: Hindenburg receives an email from SEBI on June 27, followed by a show cause notice regarding alleged violations related to bets on Adani stocks.

August 10, 2024: Hindenburg Research alleges that SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch have stakes in obscure offshore entities involved in the Adani scandal. Hindenburg criticises SEBI for not taking public action despite the evidence and numerous independent media investigations into the allegations.