Against the backdrop of US-based short seller Hindenburg Research alleging that Sebi Chairperson Madhabi Puri Buch previously held investments in offshore funds also used by the Adani group, eminent market expert Mark Matthews said that he will see what the Supreme Court has to say on the matter. "I cannot see any evidence to support impropriety" in those accusations, he said. 

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"Mrs Buch (Madhabi Puri Buch) and her husband (Dhaval Buch) did invest in funds but it was almost 10 years ago. They did so as private investment. We will see what the SC has to say," said Matthews, Managing Director at Bank Julius Baer & Co and a widely known market veteran. 

His remarks come amid concerns raised by several foreign investors regarding the latest Hindenburg report, which contains several allegations against the Sebi chief and her husband. The Buchs have categorically denied these charges.

"The market was far more concerned with the Federal Reserve than the RBI raising interest rates... There was a chronic system-wide problem with corruption in India. There is no way that Indian stock market could've had the returns (it) had... They're happy with very good returns currently in the US stock market and they intend to put all of the emerging markets together," said Matthews. 

Earlier, veteran investor Marc Faber said that if the allegations are true, the people involved should resign. Read more  

ALSO READ: Hindenburg attacking Sebi credibility, indulging in character assassination attempt of its chairperson, say Buchs 

Meanwhile, Madhabi Puri Buch and her husband Dhaval Buch released a second, more detailed statement on Sunday, categorically denying the charges levelled by the US short seller, and sharing a host of specific details including their career history, education and certain investments. 

However, responding to the 15-point statement issued by the Buchs, Hindenburg took to microblogging site X (formerly Twitter) to say that their responses include "several important admissions” and raise “numerous new critical questions".  Read more 

On Saturday, the US-based firm alleged, citing whistleblower documents, that Madhabi Puri Buch and Dhaval Buch held stakes in an offshore fund where a substantial amount of money was invested by associates of Vinod Adani, brother of Adani group chairman Gautam Adani.

Meanwhile, capital market regulator Sebi asked investors to remain calm and exercise due diligence before reacting to such reports. 

Mutual fund industry body AMFI also came in support of the Sebi chairperson, saying that the US short-seller is trying to create a trust deficit in the market ecosystem. AMFI said that external comments on the markets regulator's Chairperson "not only attempt to undermine Madhabi Buch's contribution to the Indian capital market, but it also undermines our country's economic progress, and creating a trust deficit in the market ecosystem must be seen for what they truly are -- attempts to create sensation by connecting random events done in the past".

With inputs from agencies