Following Hindenburg Research’s renewed allegations against SEBI and its Chairperson, Madhabi Puri Buch, a memecoin named “SEBI” has emerged on Pump.fun, a platform known for user-generated cryptocurrencies.
The reason for creating the memecoin is unknown and assumed to be taken as a meme to troll Sebi and not an investment opportunity, however token developers have still placed conditions that in case market cap reaches $64074, all the liquidity from bonding curve will be deposited radium and burned.
As of now there are 792,899,999 tokens available at the price of 0.0000000280, according to Pump.fun. Also 99.97% tokens are on the bonding curve and surprisingly developer hold zero tokens.
What is Hindenburg vs SEBI?
US-based short seller Hindenburg Research has reignited the controversy surrounding the Adani Group with new allegations against the Securities and Exchange Board of India (SEBI) Chairperson, Madhabi Puri Buch.
In a bombshell report released on August 10, Hindenburg claims that Buch and her husband, Dhaval Buch, held stakes in offshore entities linked to the Adani Group’s alleged financial misconduct. The report alleges that these offshore funds were used to siphon money out of the conglomerate.
What are Hindenburg’s Allegations Against SEBI?
- Conflict of Interest: Hindenburg claims that SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, held stakes in offshore entities linked to the Adani Group’s alleged financial misconduct. These offshore funds were allegedly used to siphon money out of the conglomerate.
- Lack of Action Against Adani Group: Despite the damning report against the Adani Group and subsequent media investigations, Hindenburg alleges that SEBI has shown a lack of interest in investigating the group’s alleged undisclosed web of offshore entities.
The fresh accusations come a year after Hindenburg’s initial report, which accused the Adani Group of stock manipulation and fraud. The conglomerate has vehemently denied all allegations.
SEBI has not yet issued a formal response to the latest claims.
Also Read: India’s SEBI open to crypto regulation, unlike Reserve Bank
