NEW DELHI: In a significant development, the anti-corruption ombudsman Lokpal on Wednesday delivered a clean chit to former SEBI Chairperson Madhabi Puri Buch, dismissing graft allegations leveled against her based on a Hindenburg Research report. The Lokpal, in its order, stated that the complaints were “bordering on frivolity” and lacked any verifiable material to support the claims of impropriety and conflict of interest.
The allegations against Buch, which included a complaint filed by TMC MP Mahua Moitra, largely stemmed from the Hindenburg Research report published in August 2024. This report had primarily focused on alleged malpractices within the Adani Group, and subsequently, questions were raised regarding SEBI’s regulatory oversight during Buch’s tenure. Hindenburg had specifically alleged that Buch and her husband held stakes in obscure offshore funds purportedly linked to the Adani Group’s alleged money-siphoning scandal. Both Buch and the Adani Group had vehemently denied these allegations, terming them baseless and a character assassination attempt.
A six-member bench of the Lokpal, headed by Chairperson Justice A.M. Khanwilkar, concluded that the complaints were built on “presumptions and assumptions” and did not meet the legal threshold for directing an investigation under the Prevention of Corruption Act, 1988. The Lokpal emphasized that the Hindenburg report, by itself, could not be the sole basis for escalating action against Buch. The order noted that while complainants attempted to present allegations independent of the Hindenburg report, their analysis revealed them to be “untenable, unsubstantiated and bordering on frivolity.”
Madhabi Puri Buch, who served as SEBI chief from March 2022 to February 2025, had consistently refuted the allegations. The Lokpal’s decision provides a major relief to the former market regulator, reinforcing her stance that the claims were without merit.
Join our whatsapp group for Latest updates
Click Here for Chhattisgarh News
Click Here for Entertainment News