Winning Bizness Desk
Mumbai. The Lokpal of India has exonerated former SEBI Chairperson Madhabi Puri Buch from all allegations related to the Hindenburg-Adani controversy. The anti-corruption body ruled that there was no substantial evidence to justify an investigation against her. The complaints filed were dismissed as baseless and speculative.
Lokpal: Accusations Lacked Substance, Built on Assumptions
In its detailed order, Lokpal stated that the charges made were based purely on assumptions and conjecture. It found no verified material to back the claims. The complaints were considered frivolous and lacking in credibility. The body concluded that none of the accusations warranted any legal proceedings or inquiries.
Accusations Against Buch: Offshore Funds and Unfair Gains
The complaints had pointed towards five major allegations: a large investment by Buch and her husband in an Adani-linked fund, consultancy transactions with firms like M&M and Blackstone, rental income links with Wockhardt, insider profit from ICICI Bank ESOPs, and alleged conflict of interest concealment. Lokpal found none of these supported by concrete evidence.
No Factual Backing, Only Political Tint in Complaints
The Lokpal emphasized that the complainants failed to present any verified facts. It criticized the attempts to sensationalize the issue and said such actions degrade the credibility of the anti-corruption process. It warned that lodging such baseless complaints could invite legal action under the law.
Hindenburg Allegations and Buch’s Firm Denial
The controversy had gained momentum when U.S.-based Hindenburg Research alleged that Buch and her husband had stakes in the Mauritius-based Global Dynamic Opportunity Fund, allegedly used by Vinod Adani to invest billions in Adani stocks. Buch had strongly denied the claims, calling them “baseless” and “an attempt at character assassination.” She had also publicly offered to disclose all financial records.
Supreme Court, SEBI, and Adani Group Refuted Hindenburg’s Claims
Earlier, the Supreme Court had dismissed the Hindenburg allegations in January 2024 after a detailed investigation. The Adani Group too had refuted the claims, stating that the research firm misused publicly available information for personal gain. SEBI and ICICI Bank also countered accusations of misconduct regarding Buch's tenure and compensation.
Career and Retirement of Madhabi Puri Buch
Madhabi Puri Buch retired as SEBI Chairperson on February 28, 2025, and was succeeded by Tuhin Kanta Pandey, a seasoned IAS officer. Buch started her career with ICICI Bank in 1989, served in key leadership roles, and had extensive experience in the financial sector. Her tenure at SEBI was marked by regulatory reform and policy modernization.
Key Highlights in a Nutshell:
- Lokpal clears Madhabi Puri Buch in Hindenburg-linked allegations, citing no solid evidence
- Complaints dismissed as baseless, speculative, and unverified
- Accusations included offshore fund links, undisclosed gains, and conflict of interest
- Buch and her husband were accused of ties with Adani-linked fund – claims denied as character assassination
- Lokpal found the complaints politically motivated and lacking substantiation
- Supreme Court had already dismissed Hindenburg's claims in January 2024
- Buch retired from SEBI on February 28; succeeded by Tuhin Kanta Pandey
