Former Infosys CEO Mohandas Pai called the fresh charges against SEBI brought by Hindenburg unfounded, terming them "character assassination orchestrated by a Vulture Fund."
In a post on X, Pai—arguably among the most popular industry commentators—said new claims were likely a strategy to attract attention.
He described the allegations as sensational in nature. He elaborated that once already a probe of an exemplary committee supervised by a distinguished had been conducted. According to Pai, Vulture Fund's attempts to defame SEBI have no merit. He termed the charges as "rubbish" and "laughable," reiterating that there is no material which will substantiate these charges—just rhetoric.
Further, Pai condemned the matter by saying that misinformation is being spread and the incident has been hijacked by many groups, including the "Soros gang," for their own political purposes.
In response, Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, of SEBI have simply rejected Hindenburg Research's allegations. A joint statement has been issued, wherein it has been termed a "character assassination attempt" against the couple; further, it is mentioned that Hindenburg was issued an enforcement action and show-cause notice last month.
It has assured the regulator that all financial disclosures sought by SEBI in the past have already been provided and they are willing to disclose any other document as required even those relating to their period as private citizens.
By doing so, SEBI has also charged Hindenburg with unfair practices as it had used confidential and misleading information to panic the market.
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