Former SEBI chairperson Madhabi Puri Buch has been given a clean chit by the Lokpal in the Hindenburg case. The anti-corruption body of the Lokpal has disposed of all the complaints against her in the Hindenburg case. The Lokpal has said that there is no concrete evidence to order an inquiry against Buch. The Lokpal said in its order, ‘We have come to the conclusion that the allegations made in the complaints are based on assumptions and beliefs. Apart from this, no verified material has been found in this case. Therefore, all the complaints made against her are rejected.’ The Lokpal said, ‘The complainants, being aware of this situation, tried to clarify the allegations independently of the report, but our analysis of the allegations led to the conclusion that all those allegations are unconfirmed, unproven and frivolous.’ Apart from this, the Lokpal said in its order that there is no substance in any of the allegations. Lokpal investigated 5 main allegations made against Madhabi Buch. Complainants did not provide any concrete evidence in the case. Lokpal said, ‘The complainants are just trying to make the case bigger and political by making light and weak allegations without any solid evidence. This has reduced the importance of the process of Lokpal. These complaints are disturbing, on which action can be taken under the law. Lokpal also made it clear that the complainants did not provide any concrete evidence. The order said that the complainants want us to investigate such allegations which are baseless and based on speculation.’ Madhabi’s stake in the same foreign fund in which Adani has invested In August, American research company Hindenburg had claimed in its report that Madhabi Puri Buch and her husband Dhawal Buch have stake in an offshore company associated with the Adani Group. At the same time, Buch had described these allegations as “baseless” and an attempt to “assassinate character”. Madhabi Buch had said – Our life and finances are an open book, then the SEBI chairperson had expressed her desire to declare all financial records. In a joint statement with her husband Dhawal Buch, she had said that our life and finances are an open book. Earlier, Hindenburg Research came into the limelight by accusing Adani Group of financial irregularities. Based on whistleblower documents, Hindenburg had claimed that Buch and her husband have stakes in Mauritius offshore company ‘Global Dynamic Opportunity Fund’. Hindenburg has alleged that Vinod Adani, brother of Adani Group chairman Gautam Adani, has allegedly invested billions of dollars in ‘Global Dynamic Opportunity Fund’. This money was used to boost the share prices of Adani Group. Adani Group had said – Hindenburg did this for its own benefit Adani Group had also denied the report of Hindenburg Research. The group had said – Hindenburg misused publicly available information for its own benefit. The allegations leveled against Adani Group have already been proven baseless. After a thorough investigation, the Supreme Court rejected Hindenburg’s allegations in January 2024. Major allegations against Madhabi Buch during tenure Madhabi retired from the post of SEBI Chief on 28 February Madhabi Puri Buch retired from the post of SEBI Chief on 28 February. In her place, the Central Government has appointed Finance Secretary Tuhin Kant Pandey as the next SEBI chief. Tuhin will hold this post for the next 3 years. Tuhin Kant Pandey is a 1987 batch IAS officer of Odisha cadre. He is one of the busiest secretaries of India in the Modi 3.0 government. He is currently handling four important departments in the Central Government. She was appointed to the post of Finance Secretary on 7 September 2024. Now know about Madhabi Buch Buch started her career with ICICI Bank in 1989. She was the Executive Director in ICICI Bank from 2007 to 2009. She was the Managing Director and CEO of ICICI Securities from February 2009 to May 2011. She moved to Singapore in 2011 and worked there at Greater Pacific Capital. Madhabi has a long experience of 30 years in the financial sector and has been on various committees of SEBI before. She was also currently on its Advisory Committee. ————————– Read this news related to SEBI Chief too… Hindenburg’s new report, allegations on SEBI Chief: Madhabi Puri Buch had a stake in offshore entities linked to Adani Group Hindenburg Research, a firm known for its reports on Adani Group, has made allegations against Madhabi Puri Buch, Chief of the Securities Exchange Board of India (Sebi). American short-selling firm Hindenburg has claimed in its new report that the SEBI chief had a stake in obscure offshore entities used in the money laundering scandal through the Adani Group. Click here to read the full news… Hindenburg’s allegations on SEBI Chief: Madhabi Buch has a stake in the same foreign fund in which Adani has invested; Buch said – our life is an open book American company Hindenburg on Saturday made serious allegations against the Chairperson of the Securities Exchange Board of India (SEBI). Hindenburg claimed in its report that Madhabi Puri Buch and her husband Dhaval Buch have stakes in an offshore company linked to the Adani Group. Buch has described these allegations as “baseless” and an attempt at “character assassination”. The SEBI chairperson expressed her willingness to declare all financial records. In a joint statement with her husband Dhaval Buch, she said, “Our lives and finances are an open book.” Click here to read the full news…
