New Delhi, March 15 -- In August 2024, Madhabi Puri Buch, then-chairperson of India's market regulator Securities and Exchange Board of India (Sebi), was on a long-overdue vacation in Turkey when a crisis erupted.

Hindenburg Research, the now-defunct US short seller, alleged that Sebi's probe into its January 2023 report on the Adani Group was compromised. The firm claimed that Buch had stakes in offshore entities linked to Adani's alleged stock manipulation and accused her of a conflict of interest stemming from her ownership of consulting firms.

Read this | To whom is Madhabi Puri Buch really accountable?

Buch wasted no time. From Turkey, she worked with colleagues in India to formulate Sebi's response, as her deputies scrambled to c...