New Delhi– Former SEBI Chairperson Madhabi Puri Buch has been cleared of allegations of conflict of interest and financial misconduct stemming from a report by the now-defunct Hindenburg Research.
The Lokpal of India, headed by retired Supreme Court Justice A.M. Khanwilkar, dismissed the complaints, stating there was no prima facie evidence to support the claims. The anti-corruption watchdog found the accusations baseless and lacking credible proof.
The allegations emerged in August 2024, shortly after the Securities and Exchange Board of India (SEBI) issued a show-cause notice and enforcement action against Hindenburg Research. In response, Buch and her husband, Dhaval Buch, had strongly denied the charges, calling them a “character assassination attempt.”
In a joint statement at the time, the couple said, “We strongly deny the baseless allegations and insinuations made in the Hindenburg report. Our lives and finances are an open book. All required disclosures have been submitted to SEBI over the years.”
They also affirmed their willingness to provide any financial documents, including those from before Buch’s tenure at SEBI, to relevant authorities.
“It is unfortunate that Hindenburg Research, against whom SEBI took enforcement action, chose to retaliate with personal attacks,” the statement added. (Source: IANS)
