Lokpal Clears Ex-SEBI Chief Madhabi Puri Buch of All Charges, Slams Allegations as Baseless

Former Sebi Chairperson Madhabi Puri Buch has been given a clean chit for the complaints made against her in the Hindenburg matter by Lokpal, as per media reports.

Lokpal, which is the anti-corruption ombudsman said that there is no material evidence to order an investigation against Buch.

What Has The Lokpal Order Said?

"We have concluded that the allegations in the Complaint(s) are more on presumptions and assumptions and not supported by any verifiable material and do not attract the ingredients of the offences in Part III of the Act of 1988, so as to direct and investigation therefor... accordingly, these complaints are disposed of," the order passed by Lokpal stated.

"The Complainant(s) being conscious of this position advisedly attempted to articulate allegations independent of the stated report but the analysis of the allegations by us, ended with a finding that the same are untenable, unsubstantiated and bordering on frivolity,” it added.

What Were The Allegations Made Against Buch?

Madhabi Puri Buch and her husband Dhaval Buch had allegedly invested substantial amounts of money in a fund which was linked to investments in Adani Group.

The former Sebi chair was also accused of quid pro quo in the garb of consultancy services fees from entities like M&M and Blackstone Inc, along with quid pro quo from Wockhardt in the garb of rental income.

Additionally, she was also blamed for taking undue advantage by selling ICICI Bank ESOPs over a period of five years between 2017 and 2024 as well as pretence of recusal from matters related to M&M and Blackstone Inc.

According to Lokpal, there is no merit to any of these allegations.

Also Read: S&P 500 to End Year Flat as Trump Tariff Uncertainty Clouds 2025 Outlook