Lokpal Demands Evidence On SEBI Chief Beyond Hindenburg Report

The Lokpal of India has raised concerns over complaints against SEBI Chairperson Madhabi Puri Buch, urging complainants to provide verified evidence beyond the Hindenburg report allegations. The complaints, involving corruption claims linked to the Adani Group, may face scrutiny following the Supreme Court’s previous dismissal of similar claims.

Madhabi Puri Buch addresses a press conference on January 2024.
by TDG Network - September 22, 2024, 6:43 pm

The Lokpal of India has recently questioned the reliability of complaints against SEBI Chairperson Madhabi Puri Buch, which were primarily based on allegations made in the Hindenburg report. The complaints, filed by Trinamool Congress MP Mahua Moitra and former IPS officer Amitabh Thakur, accuse Buch of corruption and involvement in a quid pro quo with the Adani Group. However, the Lokpal expressed concerns that the complaints were submitted hastily, relying on unverified information from the Hindenburg report.

The Lokpal has requested that the complainants submit more credible, verified evidence rather than merely repeating the allegations in the Hindenburg report, which had already been reviewed and dismissed by the Supreme Court. The Lokpal emphasized the need for the complainants to prove how the allegations align with the Prevention of Corruption Act, 1988, and why the previous rulings by the Supreme Court on SEBI’s investigations should not block further inquiries.

The allegations are rooted in claims that Buch and her husband had stakes in offshore funds linked to the Adani Group while SEBI was investigating the conglomerate. The Lokpal has deferred any action, asking for further substantiation by October 17, 2024, before proceeding.

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This development highlights the need for rigorous investigation standards and adds a layer of complexity to the ongoing scrutiny of SEBI’s handling of the Adani Group investigations.