US-based Hindenburg Research has accused SEBI Chairperson Madhabi Puri Buch and her husband of holding investments in offshore funds linked to Adani Group, raising conflict of interest concerns. The allegations suggest Buch controlled accounts registered under her husband's name and redeemed stakes through him after her SEBI appointment. SEBI defended Buch, stating she made proper disclosures and recused herself in conflict cases. Opposition parties, including Congress, demand her resignation and a Supreme Court-led investigation, citing compromised integrity. Despite market fears, Indian stock markets remained stable, though Adani Group stocks saw significant losses. Independent analysts and former officials have called for a judicial probe to address these serious allegations.