Hindenburg-Adani Case Live: The research firm suggested that this transparency would clarify whether there are any connections between these clients and the entities SEBI is responsible for regulating. Hindenburg also claimed that Buch's response confirmed one of their allegations: that an offshore fund associated with Buch was managed by her husband Dhaval Buch's childhood friend, who is also a director in the Adani Group. This, according to Hindenburg, represents a significant conflict of interest.