Mahua files Lokpal complaint against SEBI chief over Adani links
Trinamool Congress (TMC) MP Mahua Moitra has filed a complaint before the Lokpal against Madhabi Puri Buch, the Chairperson of the Securities and Exchange Board of India (SEBI), over allegations of misconduct and financial irregularities. The complaint follows allegations raised by United States-based Hindenburg Research that Buch and her husband had investments in offshore funds linked to the Adani group while SEBI was probing complaints against it.
Why does this story matter?
Buch is accused of having a conflict of interest and misconduct for not recusing herself from dealing with complaints against the Adani group. She is also alleged to have been running a private consultancy firm, Agora Advisory Ltd, while holding her position at SEBI. However, both SEBI and Buch have issued statements denying these allegations following the publication of the Hindenburg Report.
Moitra demands investigation into SEBI chief's conduct
Moitra has accused Buch of improper conduct and entering into quid pro quo arrangements. In a statement on her 'X' handle, she said, "My LokPal complaint against Ms. Puri-Buch been filed electronically & in physical form. LokPal must within 30 days refer it to CBI/ED [Central Bureau of Investigation/Enforcement Directorate] for a preliminary investigation and then a full FIR enquiry."
Read Moitra's post here
First formal complaint with a legal authority
According to lawyers, this complaint could attract greater scrutiny as it is the first formal filing with a legal authority. The Lokpal will need to review the complaint to determine if it falls under the Prevention of Corruption Act. Separately, Buch unexpectedly missed speaking at an infrastructure conference in Mumbai on Thursday—despite having confirmed her participation until Wednesday. Her absence was notable—given she was listed as a key speaker alongside NaBFID chief KV Kamath and RBI Deputy Governor Rajeshwar Rao.
