Overview

• A six-member bench led by Justice A M Khanwilkar reviewed five core allegations—including claims of offshore investments and quid pro quo consultancy fees—and deemed them “untenable, unsubstantiated and bordering on frivolity.”
• The complaints were primarily built on Hindenburg Research’s August 2024 report alleging that Buch and her husband held stakes in offshore funds connected to the Adani Group.
• Madhabi Puri Buch and her husband repeatedly rejected the accusations as baseless and described them as attempts at character assassination.
• The Lokpal held that the Prevention of Corruption Act could not be invoked on the basis of speculative claims without verifiable material.
• By clearing Buch, the order reaffirms SEBI’s credibility and highlights the importance of concrete evidence in short-seller driven allegations.