FIR against EX- SEBI boss Madhabi Puri Buch, but WHY?

The EX-Chief of the Indian regulator, Securities and Exchange Board of India (SEBI) Madhabi Puri Buch, has once again gotten caught up in a legal mess. The Bombay court ordered an FIR against her and five others for allegedly committing stock market fraud. The Anti-Corruption Bureau, a special court, will investigate this case.

A media reporter filed a complaint against the SEBI's EX chief, Madhuri Puri, alleging that SEBI officials failed in their statutory duty, encouraged market manipulation, and promoted corporate fraud by approving the listing of a firm that did not fulfill the required requirements.

The complainant said that he approached the police station and the relevant regulatory bodies several times, but no action has been taken by them. He asked for the investigation.

The special ACB court judge, Shashikant Eknathrao Bangar, said in the order,“ There is prima facie evidence of regulatory lapses and collusion, requiring a fair and impartial probe,”.

Hindenburg -Buch Matter

In 2024, US-based financial firm Hindenburg accused Madhabi Puri Buch and her husband Dhaval Buch of investing in offshore firms that were allegedly part of a fund structure in which the Adani Group's founder and chairman Gautam Adani, India's richest man, also invested. The Hindenburg also accused the Adani Group in 2023 for stock manipulation and accounting fraud. Hindenburg published a report against the Adani Group.

Adani and Buchs have denied the allegations. Buch stated that the investments were made before she joined the SEBI. In January 2025, Hindenburg recently announced the closure of its firm for personal reasons.

About SEBI

The Securities and Exchange Board of India (SEBI) is the regulating authority for India's securities and commodity markets. The Securities and Exchange Board of India's fundamental functions include protecting the interests of investors in securities, promoting the development of, and regulating the securities market.

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