Explain corruption allegations against SEBI chief in more detail, Lokpal tells complainants
The anti-corruption ombudsman also asked them to list out the efforts they took to verify the claims made by US-based short-seller Hindenburg Research.
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The Lokpal on Friday directed two individuals who complained against Securities and Exchange Board of India chairperson Madhabi Puri Buch to explain in more detail their allegations of financial irregularities against her.
The anti-corruption ombudsman told the complainants to “articulate the allegations” against Buch that constitute the offence of corruption within the meaning of the Prevention of Corruption Act. It also asked them to explain what efforts they took to verify the claims made by United States-based short-seller Hindenburg Research on August 10.
A four-member Lokpal bench, headed by former Supreme Court judge AM Khanwilkar, has in its order redacted the names of both the complainants as well as the person against whom the petitions were filed – the SEBI chairperson. One of the complainants is Trinamool Congress MP Mahua Moitra.
The Lokpal said that Moitra’s complaint fell short of persuading it to order a preliminary inquiry, and asked her to explain her allegations of impropriety against Buch.
On August 10, Hindenburg Research alleged that the SEBI chief and her husband Dhaval Buch had “hidden stakes” in offshore entities tied to stock price manipulation and money laundering by the Adani Group. Madhabi and Dhaval Buch denied the allegations in a statement to the press.
This came 18 months after the US-based firm accused the...
