These complaints had been based on a report printed by Hindenburg Research, which the Lokpal described as counting on “presumptions and assumptions” somewhat than “verifiable material”.
The anti-corruption ombudsman Lokpal has dismissed a number of complaints alleging impropriety and battle of curiosity in opposition to former SEBI chairperson Madhabi Puri Buch, concluding that the accusations lacked substantiated proof. These complaints had been based on a report printed by Hindenburg Research, which the Lokpal described as counting on “presumptions and assumptions” somewhat than “verifiable material”.
In its order launched on Wednesday, the Lokpal acknowledged, “the allegations within the grievance(s) are extra on presumptions and assumptions and never supported by any verifiable materials and don’t appeal to the elements of the offences… in order to direct an investigation therefor.”
Background of the allegations
The complaints, together with one filed by TMC MP Mahua Moitra, had been rooted in a report by Hindenburg Research — a US-based short-seller agency — launched on August 10, 2024. The report alleged that Buch and her husband held pursuits in obscure offshore funds that had been purportedly concerned in a money-siphoning scandal linked to the Adani Group.
The Lokpal famous, “the complaints… had been primarily based on the report by a identified quick vendor dealer whose focus was to show or nook Adani Group of Companies.”
Response to allegations
Both Buch and the Adani Group denied the allegations. While Buch described the claims as an try and malign the credibility of the capital markets regulator, Adani Group dismissed them as “malicious” and “manipulation of selective public information.”
Buch, who accomplished her tenure as SEBI chief on February 28, 2025, had submitted an in depth affidavit in response to the Lokpal’s discover. The affidavit, filed on December 7, 2024, addressed every allegation and raised preliminary authorized objections.
Lokpal’s observations
The Lokpal had earlier requested Buch to reply to the complaints on November 8, 2024. In its newest order, a six-member bench headed by Lokpal Chairperson Justice A M Khanwilkar emphasised that the Hindenburg report alone couldn’t justify initiating an investigation.
“The complainant(s) being conscious of this position advisedly attempted to articulate allegations independent of the stated report but the analysis of the allegations by us, ended with a finding that the same are untenable, unsubstantiated and bordering on frivolity,” the order acknowledged.
With these observations, the Lokpal bench formally disposed of the complaints, placing an finish to the proceedings associated to the matter.
(With PTI inputs)
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