Madhabi Puri Buch Former SEBI Chief Gets Clean Chit from Lokpal

The anti-corruption watchdog Lokpal has dismissed complaints against Madhabi Puri Buch, the former chairperson of the Securities and Exchange Board of India (SEBI), that alleged misconduct and conflict of interest. 

These complaints were primarily based on a report by Hindenburg Research, a known short-seller targeting the Adani Group. The Lokpal stated that the accusations rested largely on assumptions and lacked any solid, verifiable evidence. As a result, no grounds existed to initiate an investigation, and the complaints were formally closed.

Examination of Allegations and Lokpal’s Observations

The complaints accused Ms Buch and her husband of having stakes in obscure offshore funds linked to the Adani Group and alleged quid pro quo arrangements with firms such as Mahindra & Mahindra, Blackstone Inc., and Wockhardt. Further charges included allegations of improper gains from ESOP sales and claims of insincere recusal from related matters.

The Lokpal, after thorough scrutiny, found these claims to be unsubstantiated and bordering on frivolous. It emphasised that the complainants failed to provide any credible material, instead urging the authority to conduct a baseless, extensive inquiry.

Procedural Details and Final Verdict

During the proceedings, Ms Buch submitted a detailed affidavit responding to the allegations, and both parties were given opportunities for oral and written submissions. The Lokpal bench, chaired by Justice A M Khanwilkar, analysed 5 key accusations and concluded that none had merit. 

The order noted that the complainants’ attempts to politicise and sensationalise the issue trivialised the Lokpal’s process and amounted to vexatious litigation under the relevant anti-corruption laws. Consequently, on 28 May 2025, the Lokpal formally disposed of the complaints, affirming that the charges were based on speculation without any substantive proof.

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Conclusion 

The Lokpal thoroughly examined the allegations against Madhabi Puri Buch and found them unsubstantiated and lacking credible evidence, leading to the dismissal of all complaints.

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