The Adani Group has described the Hindenburg’s allegations as malicious, mischievous and manipulative selections of publicly available information. In a stock exchange filing, Adani group said that the US short-seller’s latest report is  devised to arrive at predetermined conclusions for personal profiteering with wanton disregard for facts and the law. Adani Group said, it completely rejects these allegations which are a recycling of discredited claims that have been thoroughly investigated, proven to be baseless and already dismissed by the Supreme Court. 

SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch strongly denied the allegations levelled by Hindenburg against them. They described the allegations as a character assassination attempt because an enforcement action and show cause notice was issued to the US-based short seller last month.

Association of Mutual Funds in India (AMFI) said Hindenburg is trying to create a trust deficit in the market ecosystem and undermine the good work done by Madhabi Buch. In a statement, AMFI said, the US short-seller is trying to create unnecessary hurdles in the path of the world’s fastest-growing economy. The industry body said that Hindenburg’s claims lack context and understanding of the Indian regulatory environment and seek to malign the hard-earned achievements of our nation. AMFI said, over a period, the regulator has created a well-functioning market trusted by both local and global investors with several measures taken under the current leadership of SEBI Chairperson. 

Senior lawyer Mahesh Jethmalani slammed Hindenburg’s latest claims as “pathetic damp squib”. Mr Jethmalani said, the move is aimed at destabilising India’s stock markets. 

Former union minister Rajeev Chandrasekhar said that a global attempt is being made to destabilise Indian economy.

Former Infosys CEO Mohandas Pai said the allegations against the SEBI chief are rubbish and a character assassination by a Vulture Fund.

Senior BJP leader Sudhanshu Trivedi too called the Hindenburg report a conspiracy to create imbalance in India.

Executive Director with International Monetary Fund KV Subramanian vouched for the unimpeachable integrity of Madhabi Buch and said the report lacked intellectual rigour.