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The ongoing controversy surrounding the Adani Group has taken a new turn with Trinamool Congress (TMC) leader Mahua Moitra filing a complaint with the Lokpal against Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch. Moitra alleges that Buch and her husband engaged in misconduct and quid pro quo arrangements, potentially compromising the integrity of SEBI's investigations into the Adani group.
The complaint, filed on September 11, stems from allegations made by US-based Hindenburg Research. Hindenburg accused Buch and her husband of holding investments in offshore funds linked to the Adani group, while SEBI was simultaneously probing complaints against the conglomerate. This raised concerns about a potential conflict of interest and accusations of misconduct against Buch for not recusing herself from the Adani investigation.
Moitra, in her complaint, cites the Prevention of Corruption Act, specifically Section 21, arguing that Buch, her husband Dhaval Buch, Gautam Adani, Vinod Adani, and Cyril Shroff are accountable for potential violations. She also calls for holding “silent and absent board members of SEBI” accountable for their inaction. Moitra emphasizes the importance of a thorough investigation, stating that the Indian stock market and foreign investors have expressed concerns about the credibility and integrity of India's stock markets and its regulator.
The complaint has been submitted electronically and physically to the Lokpal, which has created a diary number and is currently “under scrutiny”. Moitra expects the Lokpal to refer the matter to the Central Bureau of Investigation (CBI) or the Enforcement Directorate (ED) for a preliminary investigation, followed by a full First Information Report (FIR) enquiry. This incident further intensifies the scrutiny surrounding the Adani group and the role of SEBI in its investigations.
The allegations against Buch have been vehemently denied by the SEBI chairperson. The unfolding events highlight a complex situation with significant implications for the Indian financial markets, raising questions about the independence and integrity of regulatory bodies. The Lokpal's investigation into the matter is expected to shed further light on the accusations against Buch and her potential involvement in any wrongdoing.
Source: TMC MP Mahua Moitra files complaint in Lokpal against SEBI chief Madhabi Puri Buch