The Lokpal of India has dismissed all complaints against former SEBI Chairperson Madhabi Puri Buch regarding the Hindenburg matter, deeming the allegations baseless and speculative. The anti-corruption body found no credible evidence to warrant an investigation, criticizing the complainants for filing frivolous claims aimed at sensationalism.
The Bombay High Court has extended the interim stay on an order directing an FIR against former SEBI chairperson Madhabi Puri Buch and five others over alleged stock market fraud from 1994. The court criticized the original order as lacking specificity and is allowing the accused time to review the complaint details.
Today, On 4th March, The Bombay High Court stayed the order directing the registration of an FIR against former SEBI chief Madhabi Buch and two others. Justice SG Dige granted the relief after they challenged the directive in court. The case involves allegations that prompted legal scrutiny of regulatory decisions. The stay provides temporary relief as the matter undergoes further judicial review.
Tuhin Kanta Pandey, the current Finance Secretary, has been appointed as the new Chairman of SEBI for a three-year term. He replaces Madhabi Puri Buch in the role. Pandey’s appointment marks a significant leadership change in the regulatory body. His tenure is expected to shape key financial market policies.
The Lokpal instructed complainants to submit verified evidence to support corruption allegations against SEBI chief Madhabi Puri Buch, citing a Hindenburg Research report. They must file an affidavit within three weeks, addressing questions on the authenticity of claims and prior investments under the Prevention of Corruption Act.