Madhabi Puri Buch, the chief of SEBI (Securities and Exchange Board of India), has been cleared of all charges by the anti-corruption watchdog Lokpal. The Lokpal said that the allegations against her in the Hindenburg Research report were based on "presumptions and assumptions" and had no strong proof.

Some important information about the case:

The Lokpal said, "The allegations in the complaint(s) are more on presumptions and assumptions and not supported by any verifiable material and do not attract the ingredients of the offences... so as to direct an investigation therefor." This means there was no solid evidence to start an investigation. The Lokpal added, "...the effectiveness of the investigations and action taken by SEBI against the Adani Group of companies has been commended to the Supreme Court. That cannot be reopened directly or indirectly..."

This means the case is already under the Supreme Court’s review and cannot be looked at again by the Lokpal. The Lokpal also said that the Hindenburg report alone "cannot be made the sole basis to escalate action against Ms Buch."

Furthermore, the complainants tried to raise other accusations apart from the Hindenburg report, but the Lokpal said, "the same are untenable, unsubstantiated and bordering on frivolity," which means those claims were weak and without proof. Overall, the Lokpal found no strong reason to investigate further.

One serious allegation was about "quid pro quo" because Ms Buch received rent from Carol Info Services Ltd, connected to Wockhardt Hospitals, while Wockhardt was under SEBI investigation. The Lokpal said, "The complainant(s), by making such unverified and flimsy or fragile allegations only to sensationalise or, so to say, politicise the matter, have inevitably trivialised the process before the Lokpal."

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