IVCA stands firm behind SEBI Chairperson Madhabi Buch amid Hindenburg allegations
The allegations claim that Buch had stakes in obscure offshore funds allegedly linked to the Adani group.
The Indian Venture and Alternate Capital Association (IVCA) has issued a statement of support for Chairperson Madhabi Buch in response to recent allegations made by Hindenburg Research.
The allegations claim that Buch had stakes in obscure offshore funds allegedly linked to the Adani family.
In a statement, the IVCA underscored the significance of SEBI, stating, "As the regulator of the capital markets in India, SEBI plays a crucial role in maintaining the integrity and stability of our financial ecosystem. Under the leadership of Ms Buch, SEBI has consistently demonstrated an unwavering commitment
to market integrity, regulatory governance, and investor protection."
The IVCA believes that the allegations made by Hindenburg are "unwarranted" and do not reflect a deep understanding of the Indian regulatory environment.
In response to the claims by Hindenburg, Buch had issued a detailed statement clarifying discrepancies in timelines and underscoring the adequacy of the disclosures made by SEBI.
The association also noted, "Ms Buch has issued a statement to the allegations which amply explains the mismatch in timelines, adequate disclosures made, and the misinterpretations on account of the research firm."
The IVCA also highlighted how SEBI, under Buch's leadership, has been pivotal in building a financial ecosystem that continues to attract both domestic and international investments.
"India is one of the fastest-growing markets in South Asia, and much of this success is attributed to the robust framework and oversight provided by SEBI, led by Ms Buch," the association said, adding that the alternate asset industry, in particular, has witnessed phenomenal growth, with investors showing immense faith in India.
"The IVCA expresses full confidence in Ms Buch's leadership and her ability to navigate these allegations with the same diligence and integrity that has defined her tenure," it stated.
"We remain committed to working closely with SEBI and its leadership to ensure the continued growth and success of the Indian capital markets," the association affirmed.
Edited by Swetha Kannan