Daijiworld Media Network - New Delhi

New Delhi, May 28: The Lokpal of India has dismissed all corruption allegations made against former SEBI Chairperson Madhabi Puri Buch, concluding that the complaints — largely rooted in claims from a second Hindenburg report — were baseless, speculative, and politically motivated.

The complaints alleged conflicts of interest and regulatory bias in SEBI's dealings with the Adani Group, but the Lokpal found no credible evidence to support the charges. Instead, it described the accusations as frivolous, vexatious, and designed to create media sensationalism.

In a sharply worded order, the Lokpal stated the allegations relied on “presumptions and assumptions” without any verifiable material. The order emphasized that these complaints failed to meet the legal threshold necessary to warrant further investigation under the Prevention of Corruption Act.

An Adani Group spokesperson welcomed the verdict, stating that it affirmed the integrity of SEBI’s regulatory actions and completely cleared the company of any wrongdoing. “The company has been totally exonerated by a Constitutional Authority,” the spokesperson noted.

The order pointedly dismissed the Hindenburg Report — the primary basis for the complaints — as an unreliable document authored by a known short-seller. It also stated that SEBI’s regulatory work had already been reviewed and endorsed by the Supreme Court, and could not be challenged again through backdoor complaints.

Importantly, the Lokpal acknowledged that no links were found between Buch or her husband and the Adani Group’s financial dealings, reiterating that they were merely passive investors without any operational influence.

The decision has been hailed as a reaffirmation of due process and the strength of India’s financial regulatory institutions. By rejecting foreign-sourced allegations and politically charged narratives, the Lokpal underlined the resilience of India’s regulatory framework and the credibility of its capital markets.