United States (US)-based firm Hindenburg Research on Saturday alleged that Securities and Exchange Board of India's (SEBI) Chairperson Madhabi Buch and her husband had a stake in "both the obscure offshore entities used in the Adani money siphoning scandal."

After putting out a teaser in the morning, hinting at a significant disclosure involving India, Hindenburg by the end of the day published a new report that stated, "We had previously noted Adani's total confidence in continuing to operate without the risk of serious regulatory intervention, suggesting that this may be explained through his relationship with SEBI Chairperson Madhabi Buch. What we hadn't realised: the current SEBI Chairperson and her husband Dhaval Buch had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani."