Government sources have confirmed that the investigation into Securities and Exchange Board of India (Sebi) Chairperson Madhabi Puri Buch has ended with no findings of wrongdoing against her or her family. It has also been indicated that Buch is not expected to resign, and no further action will be taken.
Allegations of Conflict of Interest and Financial Misconduct
The probe into Buch began after allegations surfaced, accusing her of a conflict of interest and financial misconduct. Claims were made suggesting that Buch had undisclosed financial ties with companies regulated by Sebi through her consulting firm, Agora Advisory Pvt Ltd. These allegations raised questions about her impartiality as a regulator.
Hindenburg Research Sparks Controversy
The controversy gained traction after Hindenburg Research, a US-based short-seller, questioned Buch’s silence on the alleged conflict of interest. They suggested that she may have financial connections to the Adani Group, which has also been under investigation.
Political Involvement and PAC Investigation
The Congress party further escalated the issue, accusing Buch of receiving large payments from companies under Sebi’s regulation, raising concerns over her ability to serve as an unbiased regulator. In response, the Parliamentary Public Accounts Committee (PAC) initiated an investigation to address these concerns.
Investigation Concludes with No Findings
After a thorough investigation, government sources have confirmed that no evidence of misconduct was found. The inquiry has officially concluded, and no actions will be taken against Madhabi Puri Buch.