Lokpal gives clean chit to Madhabi Puri Buch in Hindenburg case

The Lokpal on Wednesday (May 27, 2025) disposed of all three complaints against Madhabi Puri Buch, former Chairperson of Securities and Exchange Board of India (SEBI), in the Hindenburg case, granting a major relief for Ms. Buch as well as the market regulator she once headed.

A full bench of the Lokpal headed by Chairperson Justice A.M. Khanwilkar delivered the judgment.

“We have concluded that the allegations in the complaints are more on presumptions and assumptions and not supported by any verifiable material and do not attract the ingredients of the offences in Part Ill of the Act of 1988, so as to direct an investigation therefor. Accordingly, these complaints are disposed of,” the bench said in its order. The Act here refers to the Prevention of Corruption Act, 1988.

Referring to Hindenburg report, it said that 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”.