NEW DELHI: The Lokpal has given a clean chit to former Securities and Exchange Board of India (Sebi) chairperson Madhabi Puri Buch, dismissing allegations of corruption claimed by a Hindenburg Research report.In a firm and unequivocal order, the Lokpal stated that the complaints against Buch were “untenable, unsubstantiated, and bordering on frivolity.” The anti-corruption ombudsman concluded that there was no material evidence to support the claims of misconduct or graft during Buch’s tenure at Sebi.The allegations stemmed from claims made following a report by US-based short seller Hindenburg Research, which had accused the Adani Group of stock manipulation and accounting fraud. In the aftermath, questions were raised in some quarters about Sebi’s regulatory oversight, prompting a handful of complaints targeting Buch’s leadership at the market regulator.However, the Lokpal, after examining the complaints, found no merit in the accusations. It noted that the complaints appeared speculative and lacked credible supporting documentation or grounds for further investigation.Madhabi Puri Buch and her husband had rejected the allegations levelled by Hindenburg that they had stakes in obscure offshore funds used in the ‘Adani money siphoning scandal’, calling it an attempt of “character assassination”.In a joint statement, Madhabi Puri Buch and Dhaval Buch said the allegations were “baseless” and “devoid of any truth”, and asserted that their finances were an open book.
