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Meet the new SEBI Chief Madhabi Puri Buch who replaces Ajay Tyagi

There is no country in the world in terms of "margin protection" better than <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> where technology is extensively used to protect clients' securities, <keyword id="63783" type="General" weightage="50" keywordseo="securities-and-exchange-board" source="Orion">Securities and Exchange Board</keyword> of India (<keyword id="35210" type="General" weightage="100" keywordseo="sebi" source="Orion">SEBI</keyword>) chairperson Madhabi Puri <keyword id="1040391" type="General" weightage="80" keywordseo="buch" source="Orion">Buch</keyword> said on Friday. The SEBI chief said that foreign investors often tell her that she was fortunate to have in the country a culture of data and technology, which is making the role of the capital market regulator effective. "There is huge technology change in the entire market. It has never been done anywhere in the world ever...and we did it in India. So, today in terms of margin protection - the protection of client's securities - there is nobody better in the world than India," Buch said in her lecture on 'Data and Technology in the Capital Market'. The event was organised by the Indian Institute of Management-Bangalore to mark its 49th Foundation Day celebrations on Friday. Explaining how data is used for surveillance to check malpractices during trading, the SEBI chairperson said the study of algorithm and alerts make it easy to study the trading pattern of people and understand that this is 'insider trading'. SEBI has also embedded a QR code which, Buch said, was quite radical. When it is scanned, one can see a video clip, which showed the 'Delta' positions of the particular individual whose trading pattern is reflected. "You look at that film, and you say, 'this is insider trading. This cannot be anything else'. So, we use data in our surveillance," the SEBI chief explained. The regulatory body is also using technology to check 'front running' in the mutual fund market. She, however, said SEBI too had some setbacks because the regulation has not kept pace with technology but it is trying to fix the problem in the next few months. The SEBI chief said the board is now using 'Suptech' or Supervisory Technology as well to inspect and make sure that everybody's following the rules. Citing an example from the mutual fund industry, she said SEBI started collecting data from all the 44 mutual fund houses operating in the country. As the data started coming in, SEBI told the industry that they are going to develop 80 algorithms and explained to them the logic and the interpretation of SEBI laws in the light of the algorithm emanating from the data. According to Buch, many of her colleagues were quite upset as they were against revealing the algorithm and questioned the objective behind it. Buch, however, said she gave an explanation that satisfied them. "The objective of the regulator is not to catch people doing bad things but to prevent them from doing bad things. So, we declared that we are now going to make this 80 algos," she explained. Today, SEBI conducts inspections every quarter, which otherwise could be done on a daily basis, because the board wanted to give the industry time to find their own mistakes and fix them instead of showing up every day, Buch said. "Now, this is only the beginning because this is the easy stuff. So, what's the tough stuff? The tough stuff is where you have to try and find violations of the spirit of the law, and not the letter of the law," the SEBI chief said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/global-health-that-operates-medanta-hospitals-to-open-its-2205-cr-on-november-3/articleshow/95142371.cms">Global Health that operates Medanta Hospitals to open its ₹2,205 cr on November 3</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/pm-modi-lauds-paytm-commends-reach-of-digital-payments-in-far-off-places/articleshow/95144686.cms">PM Modi lauds Paytm, commends reach of digital payments in far-off places</a>

No country better than India in using tech to protect clients' securities: SEBI chief

Following statements made by <keyword id="198572" type="General" weightage="20" keywordseo="Madhabi-Puri-Buch" source="Orion">Madhabi Puri Buch</keyword> and her husband <keyword id="192394" type="General" weightage="20" keywordseo="Dhaval-Buch" source="Orion">Dhaval Buch</keyword>, concerning allegations raised by <keyword id="9916845" type="General" weightage="20" keywordseo="Hindenburg-Research" source="Orion">Hindenburg Research</keyword> on August 10, the US short seller has posed new questions for the <keyword id="20914154" type="General" weightage="20" keywordseo="SEBI-Chairperson" source="keywords">SEBI Chairperson</keyword> alleging that her response contained several significant admissions and raised critical new questions. In a social media post on 'X', the US short seller stated that "<keyword id="35210" type="General" weightage="20" keywordseo="SEBI" source="Orion">SEBI</keyword> Chairperson <keyword id="19557079" type="General" weightage="20" keywordseo="Madhabi-Buch" source="Orion">Madhabi Buch</keyword>'s response to our report includes several important admissions and raises numerous new critical questions." Further the post said that the <keyword id="84055" type="General" weightage="20" keywordseo="SEBI-chief" source="Orion">SEBI chief</keyword>'s response confirms her investment in an obscure Bermuda/Mauritius fund structure, alongside money allegedly siphoned by Vinod Adani. "SEBI was tasked with investigating investment funds relating to the Admatter, which would include funds Ms Buch was personally invested in and funds by the same sponsor which were specifically highlighted in our original report. This is obviously a massive conflict of interest," <keyword id="191733" type="General" weightage="100" keywordseo="Hindenburg" source="Orion">Hindenburg</keyword> alleged. The US short seller also raised concerns about the financial statements of SEBI Chief's Singapore consulting entities during her tenure at SEBI. "The Singaporean consulting entity she set up doesn't publicly report its financials like revenue or profit, so it's impossible to see how much money this entity has earned during her time at SEBI. The Indian entity, still 99 per cent owned by the SEBI Chairperson, has generated Rs 23.985 million (US ~ USD 312,000) in revenue (i.e. consulting) during the financial years ('22, '23, and '24), while she was serving as Chairperson, per its financial statements," said Hindenburg. Hindenburg also alleged that <keyword id="22754143" type="General" weightage="20" keywordseo="whistleblower-documents" source="Orion">whistleblower documents</keyword> have revealed that Buch used her personal email to conduct business under her husband's name while serving as a whole-time member of SEBI. In 2017, just weeks before her appointment, she ensured that accounts with ties to Adani were registered solely in the name of her husband, Dhaval Buch. Earlier, the SEBI Chairperson and her husband had said that the investment in the fund referred to in the Hindenurg report was made before she had taken up the job. The statement said, "The investment in the fund referred to in the Hindenburg report was made in 2015 when they were both private citizens living in Singapore and almost 2 years before Madhabi joined SEBI, even as a Whole Time Member. " "The decision to invest in this fund was because the Chief Investment Officer, Anil Ahuja, is Dhaval's childhood friend from school and IIT Delhi and, being an ex-employee of Citibank, J.P. Morgan and 3i Group plc, had many decades of a strong investing career. The fact that these were the drivers of the investment decision is borne out by the fact that when, in 2018, Ahuja, left his position as CIO of the fund, we redeemed the investment in that fund," the statement further reads."As confirmed by Anil Ahuja, at no point in time did the fund invest in any bond, equity, or derivative of any Adani group company," the statement had added. On Saturday, the US-based firm alleged that SEBI's Chairperson Madhabi Buch and her husband had a stake in "both the obscure offshore entities used in the Adani money siphoning scandal" In January 2023, Hindenburg published a report accusing the Adani Group of financial irregularities, leading to a significant drop in the company's stock price. The group at the time had rubbished these claims. In January 2024, the Supreme Court refused to transfer the probe into the allegations of stock price manipulation by the Adani group to an SIT and directed market regulator SEBI to complete its probe into two pending cases within three months. Earlier this year the SC also dismissed a plea seeking to review the verdict that had sought investigation by the market watchdog SEBI in the <keyword id="16435872" type="General" weightage="20" keywordseo="Adani-Hindenburg-case" source="Orion">Adani-Hindenburg case</keyword>.

Hindenburg poses new questions for SEBI Chairperson after she denies allegations

Capital markets regulator <keyword id="20378396" type="General" weightage="20" keywordseo="Sebi-Chief" source="keywords">SEBI Chief</keyword> <keyword id="19922107" type="General" weightage="20" keywordseo="madhabi-puri-buch" source="keywords">Madhabi Puri Buch</keyword> on Monday refrained from commenting on the investment vehicle, <keyword id="20024284" type="General" weightage="20" keywordseo="real-estate-investment-trusts" source="keywords">Real Estate Investment Trusts</keyword> (REITs), saying if she comments on the subject, she will be accused of <keyword id="20339010" type="General" weightage="20" keywordseo="conflict-of-interest" source="keywords">conflict of interest</keyword>. The remarks came as US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="261" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> raised questions about a potential conflict of interest involving Buch and private equity major <keyword id="20144468" type="General" weightage="20" keywordseo="Blackstone" source="keywords" meta.keywordsubtype="org" meta.entityname="Blackstone" meta.hostid="261" meta.entityid="Blackstone">Blackstone</keyword>. Her husband Dhaval Buch is a senior advisor with Blackstone, a major player in the <keyword id="20009947" type="General" weightage="100" keywordseo="REIT" source="keywords">REIT</keyword> space. However, the couple refuted the allegations. Also, Hindenburg alleged that SEBI's recent amendments to REIT regulations 2014 favoured a specific financial conglomerate, which the markets regulator denied. Speaking at an event organised by industry body CII, Buch said," If I utter the word REITs, I am accused of conflict of interest". REITs are a new concept in the Indian market but have been a popular choice globally for their lucrative returns and capital appreciation. A REIT is made up of a portfolio of commercial real estate assets, the majority of which are already leased out. Meanwhile, the <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="261" meta.entityid="Congress">Congress</keyword> on Monday levelled fresh conflict of interest allegations against Buch and asked Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> to come clean as the head of the appointments committee of the cabinet on her appointment. At a press conference, the Congress alleged that since the current SEBI chairperson took office in 2017, she has not only been drawing a salary from SEBI but has also been holding an office of profit at the ICICI Bank, continuing to receive income from them to this very day. SEBI didn't make any comment on the allegations made by the Congress. Last week, the SEBI Chief stated that there has been a positive response to small and medium REITS (real estate investment trusts) and industry players came forward for regulations on such entities. Recently, the Securities and Exchange Board of India (SEBI) implemented regulations for small and medium real estate investment trusts (SM REITS) aimed at significantly increasing investor interest in fractional ownership of real estate assets.

If I say anything on REITs, will get accused of conflict of interest, says SEBI Chief

Mumbai, Nov 20 () Taking note of repeated glitches at the National Stock Exchange (NSE), Sebi chief Ajay Tyagi on Wednesday said the issue needs to be fixed and that the regulator will have discussion with the bourse.
 Speaking to reporters here, he also said the regulator has also approved appointment of two public interest directors at the exchange about 8-10 days ago.
 According to him, two more names for public interest directors were received last week and that the process would be expedited.
 "We are examining whether the six-month period (on the Sebi order barring the NSE from accessing capital markets) because some parts of the order they have challenged," the Sebi chief said after its board meeting here.
 When asked about glitches at the NSE platform, Tyagi said it was repeatedly happening.
 "We will call them (NSE). This is something which should not happen. We will call them very soon. I saw an article today (Wednesday) also there was a technical glitch yesterday, so we will call them. This cannot be... we will fix it," he noted.
 The NSE is the country's largest stock exchange.
 There have been instances of the exchange grappling with technical glitches.
 "We have had discussions on proxy advisory firms and will discuss more in the next board meet," he said.
 Meanwhile, Tyagi said the regulator is looking at the issue of who is a promoter and would provide more clarity on the issue. AA RAM HRS

Glitches at NSE need to be fixed, says Sebi chief

Capital markets regulator <keyword id="35210" type="General" weightage="20" keywordseo="sebi" source="Orion">Sebi</keyword> Chairman Madhabi Puri Buch and her husband on Saturday denied allegations levelled against them by short seller Hindenburg as baseless and asserted that their finances are an open book. In a statement, Madhabi Puri Buch and Dhaval Buch also said it is unfortunate that <keyword id="9916845" type="General" weightage="20" keywordseo="hindenburg-research" source="Orion">Hindenburg Research</keyword> against whom Sebi has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same. US short-seller Hindenburg Research lslleged that Sebi chairperson Madhabi Puro Buch and her husband had stakes in obscure <keyword id="88493" type="General" weightage="20" keywordseo="offshore" source="Orion">offshore</keyword> funds used in the <keyword id="76451" type="General" weightage="20" keywordseo="adani" source="Orion">Adani</keyword> <keyword id="6354840" type="General" weightage="20" keywordseo="money" source="Orion">money</keyword> siphoning scandal. In a blogpost, Hindenburg said 18 months since its damning report on Adani, "SEBI has shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities." Citing "whistleblower documents", it said, "Madhabi Buch, the current chairperson Of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani money siphoning scandal." Responding to the allegation, Buchs said in their 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 are devoid of any truth. Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years," the statment said. Buchs further said they 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. "Further, in the interest of complete transparency, we would be issuing a detailed statement in due course," the added. On Saturday, the Congress demanded the Centre act immediately to eliminate all conflicts of interest in the regulator's investigation of the Adani Group. The opposition party also said the "seeming complicity of the highest officials of the land" can only be resolved by setting up a Joint Parliamentary Committee to investigate the full scope of the "<keyword id="41357" type="General" weightage="20" keywordseo="scam" source="Orion">scam</keyword>".

Sebi chief, husband denies Hindenburg allegations as baseless

New Delhi, Jan 28 () The Finance Ministry has invited applications for the next chairman of Securities and Exchange Board of India (Sebi) to succeed Ajay Tyagi, whose three-year term comes to an end next month.
 Tyagi, a 1984 batch IAS officer of Himachal Pradesh cadre, was appointed as head of the market regulator in 2017 for the period of three years. He assumed charge on March 1, 2017.
 It was widely expected that Tyagi would get at least two years' extension given his stellar performance on the job.
 However, the public notice dated January 24 inviting application from eligible candidates indicates that the government in not inclined to give an extension of two years to the incumbent.
 Applications of eligible candidates in prescribed proforma along with attested copies of annual confidential report for the last five years, vigilance clearance and no penalty and integrity certificate in case of serving government employees should reach on or before February 10, a public notice issued by the Finance Ministry's Economic Affairs Department said.
 In the past, the government has given extension to U K Sinha for three years, making him the second longest-serving chief of Sebi.
 In case of Tyagi, the government issued appointment notification twice. According to the first notification issued on February 10, 2017, Tyagi, the then Additional Secretary (Investment) in Department of Economic Affairs, was appointed chairman of Sebi for a period not exceeding five years or till the age of 65 years or until further order, whichever is earlier.
 Subsequently, another notification curtailed his appointment to initial period of three years.
 Since age in on his side, Tyagi can apply for the job again. However, this will be considered as fresh appointment and not an extension.
 As per the procedure for the appointment of regulators, the candidates will be shortlisted by the Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by Cabinet Secretary.
 The shortlisted candidates are interviewed by the panel comprising of Economic Affairs Secretary and three external members having domain knowledge.
 Based on interaction, FSRASC recommends name to the Appointments Committee of Cabinet headed by Prime Minister Narendra Modi for approval. DP SID ANS
ANS

Finance Ministry invites applications for new Sebi chief

Mumbai, Feb 17 () Transparent working ways and consultative approach without "regulatory capture" were among the achievements listed out by Sebi chairman Ajay Tyagi as he described his current three-year tenure as "quite a good experience". Tyagi, whose current term ends later this month, however, kept everyone guessing on the question of an extension or if he has re-applied for the post. "It has been quite a good experience. Me and my team believed in a consultative approach and worked in a very transparent manner. We did not have any regulatory capture... we worked cautiously," Tyagi said on Monday in response to a query about his time at the helm. He said the nearly three-decade old Sebi is a very "vibrant organisation" and acknowledged that in a changing environment that it faces, there will always be challenges and work to be done. Tyagi was very reluctant to share his unfinished agenda but did mention a greater focus on enforcement of the regulations as among the things Sebi should be focusing on. When asked if he needs to re-apply for the post following the advertisement issued by the government last month, he declined to comment. Tyagi was speaking to reporters at the customary interaction with journalists after the board meet of Sebi. It would be the last such interaction for Tyagi if the government opts for a new candidate as Sebi chief. On whether Sebi has factored in a surplus to be transferred to the government in financial year 2019-20 as per Budget announcement, Tyagi replied in the negative. Without divulging the reasons, he confirmed a suggestion on there being no notification being issued by the government for the money. If Sebi pays surplus funds, then it would be the second regulator after Reserve Bank of India to transfer money to the government. The central bank had transferred an excess of Rs 50,000 crore to the government. AA RAM

Quite a good experience sans regulatory capture, opines Sebi chief on his tenure

The <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="261" meta.entityid="Congress">Congress</keyword> party has levied fresh allegations against <keyword id="20914154" type="General" weightage="100" keywordseo="SEBI-Chairperson" source="keywords">SEBI Chairperson</keyword> <keyword id="19922107" type="General" weightage="20" keywordseo="Madhabi-Puri-Buch" source="keywords">Madhabi Puri Buch</keyword>, calling her a perfect case of the office for profit. This refers to a position that brings some financial gain, or advantage to the office holder, which in this case was Buch's position as a whole-time member of <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="261" meta.entityid="SEBI">SEBI</keyword>, and then post 2022, as the regulatory body's chairperson. In a press conference in New Delhi on Monday, Pawan Khera, Chairman, Media and Publicity Department, Congress, charged Buch of receiving regular income from private lender <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="261" meta.entityid="ICICI Bank">ICICI Bank</keyword> and <keyword id="47860" type="General" weightage="20" keywordseo="ICICI-Prudential" source="Orion">ICICI Prudential</keyword>, India's second largest asset management company, all while being the whole-time member and later Chairperson of the capital markets regulatory body. "She (SEBI Chairperson Madhabi Puri Buch) between 2017 and 2024 was taking regular income of Rs 16 crore 80 lakhs from ICICI Bank," alleged Pawan Khera, at the press briefing. The congress spokesperson also alleged that Buch received a total of Rs 16.80 crore between 2017-18 to 2023-24, from ICICI Bank, ICICI Prudential, <keyword id="20043663" type="General" weightage="20" keywordseo="ESOPs" source="keywords">ESOPs</keyword>, and <keyword id="19948097" type="General" weightage="20" keywordseo="TDS" source="keywords">TDS</keyword> on ESOPs. According to the Congress' allegations, in 2017-18 the SEBI chief allegedly received Rs 2.06 crore from ICICI Bank as salary and Rs 7 lakh from ICICI Prudential. In 2018-19, she received Rs 4.71 crore from ICICI Bank, Rs 2.17 lakh from ICICI Prudential. In 2019-20, Rs 1.21 crore from ICICI Bank and Rs 2.17 lakh from ICICI Prudential. In 2020-21, she was alleged of having received Rs 4.64 crore from ICICI Bank and Rs 2.17 lakh ICICI Prudential. In 2021-22, Congress asserted that the salary stopped from ICICI Bank but she continued to receive Rs 2.17 lakh from ICICI Prudential, also same year she received ESOP and TDS on ESOP from ICICI Bank. In 2022-23, she was alleged to have received Rs 4.44 lakh from ICICI Prudential, in addition to ESOP and TDS on ESOP, In 2023-24, she was alleged to have received Rs 2.17 from ICICI Prudential. The Congress further alleges that during this period, Buch also drew a salary from SEBI as a whole-time member and later as the Chairperson. Khera further added that several probes on ICICI Bank were being adjudicated during this period when Madhabi Puri Buch was receiving income from the group. He also cited unnamed reports to claim that the SEBI chief has relaxed norms for the ICICI Bank. "The person sitting at the top of the regulator is taking salaries from another entity," Khera alleged, adding it was a perfect case of "office for profit". "So we want to know why you were taking your salary from ICICI despite being a full-time member of SEBI?," Khera asked what service she as the SEBI Chairperson provided the bank when she was part of SEBI. "This is a direct violation of Section 54 of SEBI. Therefore, if Madhabi Puri Buch has any shame, she should resign from her post," Khera added. The SEBI Chief is yet to react to the charges made by the Congress in Monday's news conference. Madhabi Puri Buch was a whole-time member of SEBI from April 5, 2017 to October 4, 2021. Then on March 2, 2022, Madhabi Puri Buch became the Chairperson of SEBI. Recently, US-based short seller Hindenburg Research made allegations against her accusing her of conflict of interest. Last month, Hindenburg Research alleged that SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch had stakes in "both the obscure offshore entities used in the Admoney siphoning scandal." Hindenburg Research said it has made the new allegations based on documents provided by a whistleblower and investigations carried out by other entities. Soon after, the SEBI Chairperson and her husband, in their personal capacity, issued a detailed statement rejecting the allegations. In the joint statement released to the media they said, "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 are devoid of any truth. 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. Further, in the interest of complete transparency, we would be issuing a detailed statement in due course." "It is unfortunate that Hindenburg Research against whom SEBI has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same," the statement from Madhabi Buch and her husband Dhaval Buch read.

Congress alleges SEBI Chairperson Madhabi Puri Buch of office for profit

New Delhi, Feb 28 () The government is believed to have given a six-month extension to incumbent Sebi Chairman Ajay Tyagi, amidst a continuing process of selecting a new chief for the capital market regulatory body. A 1984 batch IAS officer of Himachal Pradesh cadre, Tyagi assumed charge as Sebi chief on March 1, 2017. According to sources, the government has decided to give a six-month extension to Tyagi as Sebi Chairman, a post for which the top applicants include Economic Affairs Secretary Atanu Chakraborty, Corporate Affairs Secretary Injeti Srinivas, Additional Secretary in the Finance Ministry Pravin Garg and Sebi Whole Time Member Madhabi Puri Buch. An official notification in this regard is expected soon. Last week, sources said that two dozen people, including two Whole Time Members of Securities and Exchange Board of India (Sebi), have applied for the post of Chairman. The last date for applying for the post was February 10. Initially, Tyagi was appointed for a period of three years and was eligible for an extension of two years. However, the government decided to call in for a fresh selection process by issuing advertisement on January 24. In the case of Tyagi, the government issued appointment notification twice. According to the first notification issued on February 10, 2017, Tyagi, the then Additional Secretary (Investment) in the Department of Economic Affairs, was appointed Sebi Chairman for a period not exceeding five years or till the age of 65 years or until further orders, whichever is earlier. Subsequently, another notification curtailed his appointment to a period of three years. As per the procedure for the appointment of regulatory heads, the candidates would be shortlisted by the Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by the Cabinet Secretary. The shortlisted candidates are interviewed by a panel comprising Economic Affairs Secretary and three external members having domain knowledge. Based on the interaction, FSRASC recommends a name to the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi for approval. DP BJ RAM

Sebi chairman Ajay Tyagi gets six-month extension, say sources

Mumbai, Nov 20 () Sebi Chairman Ajay Tyagi on Wednesday said mutual funds will join the resolution process of DHFL to be done under the insolvency law framework.
 Amid the crisis at DHFL, once a leading player in the housing finance space, the Reserve Bank of India (RBI) on Wednesday superseded the board of the company.
 Mutual funds, which have lent substantial sums of money to DHFL had not joined previous attempts at resolution, after financial woes at the company came to light.
 "Under the IBC, mutual funds are also considered as lenders and they will follow that rule. We have nothing to say on that," Sebi Chairman Ajay Tyagi told reporters here, without naming DHFL.
 Resolution of financial service providers can now be taken up under the Insolvency and Bankruptcy Code (IBC), with the government notifying a generic framework for such cases.
 Tyagi said that a distinction has to be made between ICA (Inter-Creditor Agreement) and IBC, while making it clear that mutual funds would join the process under the Code.
 ICA was primarily for entities regulated by the central bank and akin to an "out of court settlement" before an asset goes to the National Company Law Tribunal (NCLT), he added.
 According to him, Sebi had given mutual funds the choice on whether to join ICA or not and made it clear that if they join, it should be limited to clearing the stock of toxic assets.
 "While doing so, Sebi had made it clear that mutual funds are different in structure as compared to banks," he noted.
 RBI has appointed R Subramaniakumar, ex-managing director of Indian Overseas Bank, as administrator of DHFL, which is estimated to have debt worth over Rs 1 lakh crore. AA RAM RAM
RAM

Mutual funds will join DHFL resolution process: Sebi chief

US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="153" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> alleged that it suspects <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword>'s unwillingness to act against <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="153" meta.entityid="Adani Group">Adani group</keyword> may be because its head Madhabi Puri Buch had stakes in <keyword id="20311680" type="General" weightage="20" keywordseo="offshore-funds" source="keywords">offshore funds</keyword> linked to the conglomerate - an allegation slammed by the SEBI head as "baseless" while Adani group said it never had any commercial relations with Buch. Hindenburg alleged that Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword> - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices. SEBI, in October 2020, began a probe into the shareholding structure of Adani group companies after red flags were raised over the high concentration of foreign holdings in the conglomerate's listed companies. An investigation was launched to determine if the foreign investors were genuine public shareholders or acting as fronts for the promoters. SEBI, last year had told a Supreme Court-appointed panel that it was investigating 13 opaque offshore entities that held between 14-20% across five publicly traded stocks of the conglomerate. It hasn't stated if the two probes have since been completed, something which Hindenburg used to attack the market regulator. Madhabi Puri Buch and her husband Dhaval Buch in a joint statement strongly denied the "baseless allegations and insinuations made in the report". The same, they said, "are devoid of any truth". "Our life and finances are an open book," they said. "It is unfortunate that Hindenburg Research against whom SEBI has taken an enforcement action and issued a show cause notice, has chosen to attempt character assassination in response to the same." Buchs further said they have no hesitation in disclosing any financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. While the statement did not talk about the questions Hindenburg raised over SEBI probe, the duo promised to come out with a detailed response. Separately, Adani group in a regulatory filing called the allegations by Hindenburg as "malicious, mischievous and manipulative selections of publicly available information to arrive at predetermined conclusions for personal profiteering with wanton disregard for facts and the law." "The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing," it said. "We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements". Rejecting the allegations, it said they were nothing but a "recycling of discredited claims that have been thoroughly investigated, proven to be baseless, and already dismissed by the Supreme Court in March 2023." "It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents," Adani group said, adding Anil Ahuja was a nominee director of 3i investment fund in Adani Power (2007-2008) and, later, a director of Adani Enterprises until 2017. "For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg's allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws," it added. Hindenburg on Saturday stated that the SEBI chairperson and her husband invested in offshore entities that were allegedly part of a fund structure managed by India Infoline, and in which Vinod Adani also had investments. These investments reportedly date back to 2015, well before her appointment as a full-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022. It said the Bermuda-based Global Opportunities Fund, which allegedly was used by entities connected to Adani Group to trade in shares of group companies, had sub-funds. Buch and her husband were investors in one of these sub-funds in 2015. Citing "whistleblower documents", Hindenburg said, "<keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword>, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani <keyword id="22743230" type="General" weightage="20" keywordseo="money-siphoning" source="keywords">money siphoning</keyword> scandal." SEBI, it claimed, has "shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities." Buch and her husband may have first opened their account with IPE Plus Fund 1 on June 5, 2015, in Singapore. IPE fund is a small offshore Mauritius fund set up by Vinod Adani director through India Infoline (IIFL), a wealth management firm with ties to the Wirecard embezzlement scandal. "Vinod Adani, brother of Gautam Adani, used this structure to invest in Indian markets with funds allegedly siphoned from over-invoicing of power equipment to Adani Group," claimed Hindenburg. Latching on to the Hindenburg allegations, Congress said the revelations only reinforced its demand for setting up a "joint parliamentary committee to investigate the full scope of the Adani mega scam" while the Trinamool Congress said the SEBI chairperson must resign. "This raises fresh questions about Gautam Adani's two 2022 meetings in quick succession with Ms Buch shortly after she became SEBI chairperson. Recall that SEBI was supposedly investigating Adani transactions at the time," Congress leader Jairam Ramesh said. In January last year, Hindenburg Research, which in the past has shorted - or bet against - companies like electric truck maker Nikola Corp and Twitter, accused Adani Group of pulling "the largest con in corporate history" by using a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up. Though the conglomerate vehemently denied all allegations, the damning report sent the group's shares into a free fall, wiping out over USD 150 billion in market value of the 10 listed entities at their lowest point. Most of the 10 listed companies have since recouped the losses. After the Hindenburg report, the Supreme Court asked market regulator SEBI to complete its investigation and set up a separate expert panel to look into regulatory lapses. The panel did not give any adverse report on Adani and the apex court too stated that no other probe other than one being done by SEBI was required. On June 26 this year, SEBI in a show cause notice charged Hindenburg of "deliberately sensationalizing and distorting certain facts" as well as working with a New York hedge fund to make its bet. Hindenburg had responded to that saying it made just USD 4.1 million from its declared positions on Adani stocks and criticized the regulator for not focusing its investigation into the January 2023 report "providing evidence" of the conglomerate creating "a vast network of offshore shell entities" and moving billions of dollars "surreptitiously" into and out of Adani public and private entities. The group led by billionaire Gautam Adani, who was the world's third-richest man before Hindenburg, in an epic comeback strategy raised USD 15 billion in equity and debt, sold some assets, repaid loans that were raised pledging shares, reined in expenses, repaid some debt and refocused energies on core business. Adani is now ranked 12th richest in the world, one notch and USD 6 billion shy of rival billionaire Mukesh Ambani. The group has also made some acquisitions, buying cement company Sanghi Industries and the news agency IANS. Adani has insisted the Hindenburg report has not changed operations at his companies, which include ports, airports, renewable parks generating electricity from sunlight and wind energy, gas distribution, cement processors, data centers, and even apple farms. 360 One Wam Ltd, formerly known as IIFL Wealth Management Ltd, separately said IPE-Plus Fund 1, a fully compliant and regulated fund, was launched in October 2013 and operated until October 2019. "Throughout the fund's tenure, IPE-Plus Fund 1 made zero investments in any shares of the Adani Group either directly or indirectly through any fund," it said. "At its peak, the fund's Assets Under Management (AUM) reached approximately USD 48 million, with over 90% of the fund consistently invested in bonds." The fund, it said, was managed as a discretionary fund by the Investment Manager. "No investor had any involvement in the fund's operations or investment decisions. Mrs. Madhabi Buch &amp; Mr. Dhaval Buch's holdings in the fund were less than 1.5% of the total inflow into the fund." Hindenburg on Saturday alleged that just weeks before Buch's appointment to SEBI, her husband requested the transfer of their investments into his sole control, potentially to avoid any scrutiny related to her new regulatory role. The couple's investments were reportedly funneled through a complex, multi-layered offshore structure, raising questions about their legitimacy and purpose. On March 22, 2017, just weeks ahead of Buch's appointment as SEBI Wholetime Member, her husband, Dhaval Buch, wrote to Mauritius fund administrator Trident Trust. That communication was regarding his and his wife's investment in the Global Dynamic Opportunities Fund (GDOF), the US firm alleged. "In the letter, Dhaval Buch requested to"be the sole person authorized to operate the accounts", seemingly moving the assets out of his wife's name ahead of the politically sensitive appointment," Hindenburg alleged. Dhaval Buch is currently a senior advisor at Blackstone and at Alvarez &amp; Marsal. He also serves as a non-executive director on the Board of Gildan. "In a later account statement dated February 26, 2018, addressed to Madhabi Buch's private email, the full details of the structure are revealed: "GDOF Cell 90 (IPEplus Fund 1)". Again, this is the same Mauritius-registered "cell" of the fund, found several layers deep in a convoluted structure, reportedly used by Vinod Adani," Hindenburg alleged. From April 2017 to March 2022, while Buch was a Wholetime member and Chairperson at SEBI, she had a 100 % interest in an offshore Singaporean consulting firm, called Agora Partners, it alleged adding On March 16, 2022, two weeks after she was appointed SEBI Chairperson, she quietly transferred the shares to her husband. To date, SEBI has taken no action against these funds, it claimed. "If SEBI wanted to find the offshore fund holders, perhaps the SEBI Chairperson could have started by looking in the mirror," Hindenburg said. In response to requests from the Supreme Court to investigate the Adani matter, SEBI is said to have hit a wall unveiling the holders of the offshore funds. The Supreme Court said that while SEBI seemingly agreed with its concerns over who funded Adani's offshore shareholders, "it is evident that SEBI has drawn a blank in this investigation", the firm alleged.

Hindenburg target SEBI chief, she calls charges baseless, Adani says no commercial relationship with SEBI head

Mumbai, Feb 4 () Sebi chief Ajay Tyagi on Tuesday said the capital markets regulator has received communication from largest stock bourse NSE for its IPO, and is examining the legal aspects of the same.
 The comments come within a month of NSE chief executive Vikram Limaye having said that the stock exchange intends to launch its initial public offering (IPO) by September.
 "We are examining on legally... soon we will take a call," Tyagi told reporters on the sidelines of an NSE event, when asked about the IPO.
 In an interview to , Limaye had said NSE had approached Sebi for approval for the IPO.
 "We have approached Sebi to seek its approval for the IPO and after that we will start the process of appointing merchant bankers, who will help the exchange in filing draft prospects for the IPO," Limaye had told .
 He said the bourse is hoping to launch the IPO by the third quarter of this calendar year and it is subject to approval from the Securities and Exchange Board of India (Sebi).
 According to him, the entire IPO would be offer-for-sale (OFS), wherein existing shareholders will sell NSE's shares.
 Last month, state-owned lender SBI said it is planning to offload 50 lakh shares representing 1.01 per cent stake in NSE to raise capital. Currently, SBI holds 5.19 per cent stake in NSE.
 In December, IFCI sold its entire 2.44 per cent stake in NSE for Rs 805.6 crore.
 Earlier in December 2016, NSE had filed its draft red herring prospectus with Sebi to launch its IPO. However, the plan was put on hold after investigations began into the co-location case. It was alleged that the exchange misused its co-location facility and gave preferential access to certain trading brokers. AA ANU
ANU

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