New Delhi, May 28, 2025 — In a major relief to former SEBI chairperson Madhabi Puri Buch, the Lokpal of India has dismissed corruption allegations tied to the controversial Hindenburg Research report. The anti-corruption ombudsman described the charges as “untenable” and “bordering on frivolity.”
Buch had been accused of financial misconduct, regulatory violations, and undisclosed stakes in offshore funds linked to the Adani Group scandal. These allegations were reportedly backed by a now-defunct Hindenburg report dated August 10, 2024.
Lokpal: ‘No Verifiable Evidence Found’
Delivering its verdict, the six-member Lokpal bench led by Justice A.M. Khanwilkar stated that the claims were based on “presumptions and assumptions” and lacked verifiable documentation. The decision follows an internal investigation prompted by a complaint from TMC MP Mahua Moitra.
“The complaint relied entirely on a report by a known short seller, whose stated goal was to expose or damage the Adani Group,” the Lokpal noted. The body concluded that the Hindenburg report alone could not justify formal action against Buch.
Buch Denied All Charges
Madhabi Puri Buch, who led the Securities and Exchange Board of India (SEBI) from March 2, 2022, until her term ended on February 28, 2025, had publicly denied all wrongdoing. She stated that Hindenburg’s accusations were aimed at discrediting India’s regulatory institutions and amounted to character assassination.
The report alleged that Buch and her husband had financial interests in obscure offshore funds tied to the Adani stock manipulation case. Both denied the claims outright, citing lack of evidence and malicious intent.
Hindenburg Research Now Defunct
Adding a twist to the narrative, Hindenburg Research shut down operations in January 2025. Founder Nathan Anderson announced the firm’s closure following multiple lawsuits and global regulatory scrutiny over the firm’s controversial short-selling practices.
Congress vs BJP Political Undertones
The complaints also carried political overtones. The Congress-backed MP Moitra pushed for Buch’s investigation, which the BJP and market analysts criticized as an effort to discredit SEBI’s recent crackdowns on corporate malpractice.
Also Read:
- What Was in the Hindenburg Report on Adani?
- SEBI’s Role in Reforming Indian Capital Markets
- The Rise and Fall of Hindenburg Research
With the Lokpal’s decision, Madhabi Puri Buch exits the regulatory spotlight vindicated — and possibly sets a precedent for how politically charged allegations must be evaluated in India’s financial governance.