Mumbai ACB Court Orders FIR Against Former SEBI Chief Madhavi Puri Buch on Stock Market Fraud Allegations. The Hindenburg Report Alleged Collusion with the Adani Group.
SEBI chief Madhavi Puri Buch: A special Anti-Corruption Bureau (ACB) court in Mumbai has ordered the filing of a First Information Report (FIR) against former SEBI chief Madhavi Puri Buch and five others. They are accused of alleged stock market fraud and regulatory violations. This order comes after her tenure as SEBI chief ended on February 28th. She has been replaced by Odisha-cadre IAS officer Tuhin Kant Pandey, whose term will be three years.
What is the Case About?
American research firm Hindenburg released a report in late 2024 alleging that Madhavi Puri Buch and her husband held stakes in foreign funds linked to the Adani Group. The report further made serious allegations of collusion between SEBI and the Adani Group.
Madhavi Puri Buch Denies Allegations
Following these allegations, Madhavi Puri Buch and her husband responded, stating that the Hindenburg report was entirely baseless. They claimed they had not concealed any information and that the allegations against them were untrue.
Adani Group's Response
The Adani Group also responded to the matter, refuting the allegations made by Hindenburg as completely unfounded. The Adani Group stated that this was merely a scheme to profit and damage the company's reputation.
Buch's Controversial Tenure as SEBI Chief
Madhavi Puri Buch's tenure was already mired in controversy. In September 2024, 500 SEBI employees wrote to the Ministry of Finance, describing the workplace environment at SEBI as 'toxic'. The letter alleged that Madhavi Puri Buch would shout during meetings and publicly humiliate employees.
