Lokpal Dismisses SEBI Chief Allegations as Unsubstantiated

The Lokpal dismissed allegations of impropriety against former SEBI chief Madhabi Puri Buch, based on a Hindenburg Research report that accused her of conflict of interest. The Lokpal concluded that complaints lacked verifiable material and were based on presumptions. The Adani Group also denied the malicious charges.

The Anti-corruption ombudsman, Lokpal, has dismissed complaints of impropriety against former SEBI chief Madhabi Puri Buch, labeling the charges as baseless and unsubstantiated. These allegations were primarily based on a report by Hindenburg Research, notorious for targeting the Adani Group of Companies.

Published in August 2024, the report accused Buch and her husband of having interests in offshore funds linked to a scandal involving the Adani Group. Both Buch and the Adani Group have denied these accusations, criticizing the report as a vehicle for character assassination and misinformation.

The Lokpal, led by Justice A M Khanwilkar, determined the allegations to be speculative, with no supporting evidence. Consequently, the complaints have been formally dismissed. This resolution follows a comprehensive review of the arguments and documentation submitted by both complainants and Buch.

(With inputs from agencies.)