Lokpal, India’s anti-corruption ombudsman, has sought an explanation from SEBI Chairman Madhabi Puri Buch over allegations of irregularities and conflict of interest. The complaints were filed by a Lok Sabha member and two others, citing a report by US short seller Hindenburg Research. The SEBI chief has four weeks to respond to these allegations, providing explanations for each of the complaints.

Hindenburg Research, in its report, alleged that Buch and her husband had stakes in offshore funds involved in a money laundering scheme linked to the Adani Group. These claims were denied by Buch, who termed them as attempts at defamation aimed at undermining the credibility of SEBI. The Lokpal had already ruled on September 20 that one of the complaints did not warrant an investigation. However, with two additional complaints filed in October, the Lokpal asked Buch to clarify his position on each issue.

Trinamool Congress MP Mahua Moitra was among those who filed complaints, urging Lokpal to forward the matter to the Enforcement Directorate or the CBI for further investigation. The Lokpal, while asking Buch for his response, pointed out that this procedural guideline does not indicate any decision on the allegations. The case will be heard on December 19, following Buch’s affidavit on these conflict of interest allegations.