The Indian REITs Association (IRA), a non-profit trade organisation, has dismissed recent allegations made by US-based Hindenburg Research as unfounded and misleading. The IRA, which includes founding members Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, and Nexus Select Trust, defended the integrity of India?s REIT framework. The IRA praised SEBI for its stringent regulatory environment, including comprehensive reporting requirements, mandatory independent valuations, and strict governance standards designed to enhance transparency and protect investors. Currently, four REITs are listed on Indian stock exchanges, managing assets worth over Rs 1.40 trillion and serving more than 240,000 unitholders. These REITs have distributed over Rs 180 billion, with a market capitalisation of approximately Rs 800 billion. Since the introduction of REIT regulations in 2014, India has developed a robust regulatory framework aligned with global best practices, ensuring high levels of investor protection. Hindenburg Research?s recent report criticised SEBI for allegedly neglecting issues related to the Adani Group and questioned SEBI Chairperson Madhabi Buch's connections to offshore entities linked to the group. The report also suggested that Buch?s spouse, Dhaval Buch, had ties to Blackstone, a major sponsor of Indian REITs, raising concerns about potential conflicts of interest. SEBI responded by affirming its commitment to transparency and proper regulatory processes. It stated that the SEBI (REIT) Regulations have undergone a robust consultation process and are designed to benefit all market participants, not just a single entity. SEBI emphasised that regulatory changes are made following extensive deliberations and are publicly documented to ensure transparency. The Adani Group rejected Hindenburg?s allegations as malicious and based on manipulated information. The group reiterated its commitment to transparency and compliance with legal and regulatory standards, asserting that previous investigations and court rulings have already dismissed these claims. Both Madhabi and Dhaval Buch have denied any wrongdoing, maintaining that their financial dealings are transparent and fully disclosed. (ET)