The Lokpal of India has dismissed all five complaints filed against former Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch, clearing her of allegations related to the Hindenburg Research report. The anti-corruption ombudsman characterized the allegations as “untenable, unsubstantiated, and bordering on frivolity,” and noted that they were “politically motivated attempts to sensationalize regulatory matters” .

The complaints primarily stemmed from a report by Hindenburg Research, which accused Buch and her husband of having stakes in offshore entities allegedly used to artificially inflate the stock prices of Adani Group companies. However, the Lokpal found no credible evidence to support these claims. It emphasized that the allegations were based on “presumptions and assumptions” without verifiable material and concluded that there was no prima facie case of corruption .

This decision effectively exonerates Buch and brings closure to the controversy surrounding her tenure at SEBI.

sources