No proof, no case: Lokpal dismisses complaints against ex-SEBI chief Madhabi Puri Buch

New Delhi: In a major relief for Madhabi Puri Buch, former chairperson of the Securities and Exchange Board of India (SEBI), the Lokpal has dismissed corruption complaints filed against her that were loosely based on the controversial Hindenburg report.

The Lokpal stated that the allegations lacked material evidence, were speculative, and failed to meet the legal criteria required to initiate an investigation under the Prevention of Corruption Act, 1988.

The order, issued on May 28, noted that the accusations were based more on “presumptions and assumptions” rather than substantiated facts. “The allegations are untenable, unsubstantiated and bordering on frivolity,” the Lokpal said in its written judgment.

While five main allegations were examined, the anti-corruption ombudsman found no merit in any of them. The complainants had reportedly attempted to distance their claims from the Hindenburg report itself, but the Lokpal concluded that even the rephrased accusations lacked credibility and verifiability.

With this order, Buch receives a formal clean chit, effectively closing the chapter on one of the most high-profile graft complaints linked to regulatory conduct during the Hindenburg-Adani controversy.
(With PTI inputs)