Lokpal dismisses complaints against former SEBI chief Buch over Hindenburg allegations

The anti-corruption ombudsman Lokpal has dismissed multiple complaints alleging impropriety and conflict of interest against former SEBI chairperson Madhabi Puri Buch, concluding that the accusations lacked substantiated evidence. These complaints were primarily based on a report published by Hindenburg Research, which the Lokpal described as relying on “presumptions and assumptions” rather than “verifiable material”.

In its order released on Wednesday, the Lokpal stated, "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... so as to direct an investigation therefor."

The complaints, including one filed by TMC MP Mahua Moitra, were rooted in a report by Hindenburg Research — a US-based short-seller firm — released on August 10, 2024. The report alleged that Buch and her husband held interests in obscure offshore funds that were



purportedly involved in a money-siphoning scandal linked to the Adani Group.

The Lokpal noted, "the complaints... were essentially founded on the report by a known short seller trader whose focus was to expose or corner Adani Group of Companies."

The Lokpal had earlier asked Buch to respond to the complaints on November 8, 2024. In its latest order, a six-member bench headed by Lokpal Chairperson Justice A M Khanwilkar emphasized that the Hindenburg report alone could not justify initiating an investigation.

“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,” the order stated.

With these observations, the Lokpal bench formally disposed of the complaints, putting an end to the proceedings related to the matter.