New Delhi

The Lokpal, India’s anti-corruption ombudsman, has sought an explanation from SEBI Chairperson Madhabi Puri Buch regarding allegations of impropriety and conflict of interest. The complaints were filed by a Lok Sabha member and two others, citing a report by U.S.-based short-seller Hindenburg Research. The SEBI chief has four weeks to respond to these allegations, providing explanations for each of the complaints.

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Hindenburg Research, in its report, alleged that Buch and her husband held stakes in offshore funds implicated in a reported money-laundering scheme tied to the Adani Group. These claims were denied by Buch, who labelled them as character assassination attempts aimed at undermining the SEBI's credibility. The Lokpal had previously ruled on September 20 that one of the complaints did not justify a probe. However, with two additional complaints filed by October, the Lokpal requested Buch to clarify her position on each issue.

Trinamool Congress MP Mahua Moitra was among those filing complaints, urging Lokpal to forward the case to the Enforcement Directorate or the CBI for further investigation. The Lokpal, while asking Buch for her response, emphasized that this procedural directive does not indicate any decision on the allegations. The matter will be heard on December 19, following Buch’s affidavit on these conflict-of-interest claims.