Former SEBI chief Madhabi Puri Buch has received significant relief after the anti-corruption ombudsman, Lokpal, dismissed the complaints against her in connection with the Hindenburg matter. The Lokpal’s decision comes as a major vindication for Buch, who faced accusations of impropriety and conflict of interest following a report by the US-based research firm Hindenburg in late 2024. The ombudsman emphatically stated that there was no substantive evidence to warrant an investigation against Buch. This ruling effectively puts an end to the speculation and allegations that had cast a shadow over her tenure and reputation, reaffirming her integrity in a case that drew considerable public and media attention. The clear-cut dismissal by an independent body like the Lokpal underscores the lack of verifiable material to support the claims made against her.

The Lokpal’s order explicitly stated, “…We have concluded that the allegations made in the complaints are based on surmises and assumptions and are not supported by any verifiable material and do not attract the elements of offences under Part III of the 1988 Act, so an investigation can be directed for them… Accordingly, these complaints are disposed of.” The whole controversy erupted when Hindenburg Research alleged that Buch and her husband had a stake in Adani Group’s foreign funds and accused a nexus between Adani Group and SEBI. Both Madhabi Puri Buch and her husband vehemently denied these allegations, asserting that all accusations were baseless and that no information had been concealed. Adani Group also responded to the claims, dismissing them as unfounded and part of a profit-making and defamation conspiracy. This definitive ruling by the Lokpal serves as a significant precedent, emphasizing the need for concrete evidence before initiating investigations against high-ranking officials.