'Zero Credibility in Sebi's Hindenburg Response,...a Textbook Example of How Not to Handle a Crisis'

SEBI’s response to Hindenburg has ”zero credibility…a text book example of how not to handle such a situation”: Sucheta Dalal, Managing Editor, Moneylife to Karan Thapar for The Wire
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In a hard-hitting interview, Sucheta Dalal, the Managing Editor of Moneylife and perhaps the country’s most highly regarded commentator on capital markets, says SEBI’s response to the recent Hindenburg allegations has “no credibility, zero credibility”. Speaking about SEBI’s handling of the Hindenburg allegations since January 2023, when they first broke, Ms Dalal calls them “a text book example of how not to handle such a situation”.

In a 25 mt interview to Karan Thapar for The Wire, Ms Dalal raises serious and disturbing questions both about SEBI, as the market regulator, and Madhabi Puri Buch, SEBI’s chairperson. Ms Dalal also raises potentially damaging questions about the behaviour - actually silence - from SEBI’s board of directors and the ministry of finance.

There are several different issues raised in this interview about Madhabi Buch and her husband Dhaval and also about SEBI’s functioning in the years before Buch became chairperson as well as about the chairpersons who preceded her.

Rather than précis or paraphrase the interview I will leave you to hear what Sucheta Dalal has said for yourself. She’s spoken clearly, simply, analytically and unequivocally. If you want to get a good handle on the issues and concerns underlying this story I strongly recommend you see this interview.

I will however add that Sucheta Dalal is skeptical of a JPC but does believe “some sort of short quick investigation is required to restore the credibility of the capital markets regulator”.

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