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These complaints have been based on a report printed by Hindenburg Research, which the Lokpal described as counting on “presumptions and assumptions” relatively than “verifiable material”.
The anti-corruption ombudsman Lokpal has dismissed a number of complaints alleging impropriety and battle of curiosity towards former SEBI chairperson Madhabi Puri Buch, concluding that the accusations lacked substantiated proof. These complaints have been based on a report printed by Hindenburg Research, which the Lokpal described as counting on “presumptions and assumptions” relatively than “verifiable material”.
In its order launched on Wednesday, the Lokpal acknowledged, “the allegations in the complaint(s) are more on presumptions and assumptions and not supported by any verifiable material and do not attract the ingredients of the offences… so as to direct an investigation therefor.”
Background of the allegations
The complaints, together with one filed by TMC MP Mahua Moitra, have 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 have been purportedly concerned in a money-siphoning scandal linked to the Adani Group.
The Lokpal famous, “the complaints… were essentially founded on the report by a known short seller trader whose focus was to expose or corner 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)
