Sebi on Sunday said it has completed all but one of the 24 investigations into allegations against the Adani group as it responded to US short-seller Hindenburg Research’s charge of going slow on the probe, potentially because its chairperson was invested in funds at the heart of the probe.

The Securities and Exchange Board of India (Sebi) said it has adequate internal mechanisms for addressing issues relating to conflict of interest, which include disclosure framework and provision for recusal.

In a two-page statement, it said Buch had made relevant disclosures from time to time and she “had also recused herself in matters involving potential conflicts of interest”.

Its statement came after Hindenburg Research said on Saturday that despite its evidence in the January 2023 report, along with over 40 independent media investigations corroborating and expanding its original work, the regulator has not taken any public action against the Adani group.

Hindenburg said that instead, Sebi on June 27 sent it a show cause notice which claimed that the disclosure around its short position on the Adani group was deficient.

It also claimed that Sebi made changes to the Sebi (REIT) Regulations 2014 to benefit private equity giant Blackstone.

Sebi cited the Supreme Court’s January 3 order, which said the regulator had completed 22 out of the 24 investigations into the Adani group.

It disclosed that subsequent to the judgment, one more investigation was completed in March 2024. Therefore, there is only one remaining investigation, which is close to completion.

Sebi added that as a matter of policy, it refrains from commenting on any investigation or ongoing enforcement matter.

After completing investigations, it initiates enforcement proceedings which are quasi-judicial in nature.

“This comprises issuing of show cause notice and giving of opportunity of hearing which culminates in the passing of a speaking order. Such order is then made available in the public domain. Where investigations have been completed, enforcement proceedings initiated are ongoing and appropriate actions are being taken in accordance with the applicable securities laws,’’ Sebi noted.

It added REIT regulations have been amended from time to time.

“Only after consultation, a proposal for introduction of a new regulation or change in the existing regulation is placed for the consideration of and deliberation of the Sebi board. Regulations are notified after approval of the Sebi board. Hence, claims that such regulations, changes to regulations or circulars issued related to REITs were to favour one large multinational financial conglomerate, are inappropriate,’' Sebi observed.

Hindenburg had accused Buch of conflict of interest when it said that during her tenure as a whole-time member at Sebi, her husband Dhaval was appointed as a senior advisor to Blackstone.