No Major Problem With Sebi's Response to Hindenburg; Cannot Say Sebi Did a Bad Job: Sebi Ex-chair
"I have no major problem" with SEBI's handling of Hindenburg allegations; "I cannot say SEBI did a bad job": former SEBI Chairman, M. Damodaran, to Karan Thapar for The Wire.
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In what will be widely viewed as a strong defence of the way SEBI, as Regulator, and Madhabi Puri Buch, as its Chairperson, have responded to the Hindenburg allegations, both those of January 2023 and the more cent ones of August 2024, a highly regarded former Chairman of SEBI, M. Damodaran, has said “on the basis of the information I have, I have no major problem” with the way SEBI or Madhabi Buch have responded to these allegations.
Speaking specifically to a question whether SEBI did a good job investigating the price ramping of Adani stock before Hindenburg, Mr. Damodaran said: “I cannot say SEBI did a bad job”.
In this 32-minute interview to Karan Thapar for The Wire, Mr. Damodaran is questioned, at some length, about a range of issues connected with Hindenburg as well as Madhabi Puri Buch. They include criticism of SEBI’s and Madhabi Buch’s response to the allegations levelled by Hindenburg in August this year, whether the response should have come for the Ministry of Finance rather than SEBI, whether Madhabi Buch made requisite disclosures and also whether she recused herself from investigation into funds with which she has a connection, whether the appearance of a conflict rather than proof of an actual conflict requires recusal, concerns about her consultancies which are said to be dormant but have generated revenue in the last three years, the Reuters story about the same and whether it is a mistake to appoint someone from the private sector with potential conflicts of interests as Chairperson of SEBI.
I will leave you to find out the details of Mr. Damodaran’s answers to all these issues by watching the interview yourself. I am only giving you two important answers out of many many others. They are at the top of this release.
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