In a significant development, the Lokpal has given a clean chit to former SEBI chairperson Madhabi Puri Buch over corruption allegations linked to a Hindenburg Research report. The anti-corruption panel, led by Justice A M Khanwilkar, termed the accusations as untenable, unsubstantiated and borderline frivolous. The complaints, including one filed by TMC MP Mahua Moitra, were based on a report by a short-seller targeting the Adani Group.

HIGHLIGHT: The Lokpal stated that “presumptions and assumptions” cannot form the basis for such serious charges.

Buch, who led SEBI from March 2022 to February 2025, had denied all claims, calling them an attack on her credibility. The report had alleged offshore fund links between Buch and her husband, which were found to lack verifiable evidence.

This ruling underscores the importance of verified data in high-stakes regulatory matters.