Lokpal Clears Ex-SEBI Chief Madhabi Puri Buch of Hindenburg-Linked Allegations

The Lokpal has cleared former SEBI chairperson Madhabi Puri Buch of all corruption and conflict of interest allegations linked to the Hindenburg report on the Adani Group.

The complaints, which stemmed from a Hindenburg Research report alleging her and her husband's investments in offshore funds linked to the Adani Group, were found to be "untenable, unsubstantiated, and bordering on frivolity".  The Lokpal found no credible evidence for further investigation.

The Lokpal emphasized that the allegations were based on "presumptions and assumptions" without any verifiable material, and noted that Buch had redeemed the investments before SEBI's investigation into the Adani Group commenced.

This decision effectively closes the case, affirming Buch's professional integrity.