TMC's Mahua Moitra Files Lokpal Complaint Against Sebi Chief
Moitra accuses Madhabi Puri Buch and husband of quid pro quo involving Adani group, calls for investigation
Trinamool Congress (TMC) leader Mahua Moitra has lodged a formal complaint with the Lokpal, accusing Securities and Exchange Board of India (Sebi) Chairperson Madhabi Puri Buch and her husband of misconduct and involvement in quid pro quo deals. The complaint alleges violations under the Prevention of Corruption Act.
Moitra's complaint, filed electronically and in physical form on September 11, has been acknowledged by the anti-corruption watchdog, which has placed the matter “under scrutiny.”
Moitra has called for a thorough investigation, urging the Lokpal to refer the case to the Central Bureau of Investigation (CBI) or Enforcement Directorate (ED) within 30 days for a preliminary probe and a full inquiry. “Every single entity involved needs to be summoned & every link investigated,” Moitra said on her X account.
The complaint follows allegations made by US-based Hindenburg Research, which claimed that Buch and her husband held investments in offshore funds connected to the Adani Group, even as Sebi was investigating the conglomerate.
The Sebi chairperson has been accused of a conflict of interest for not recusing herself from handling complaints against the Adani Group. Moitra's complaint states that Buch engaged in actions constituting public servant impropriety, entering into arrangements that pose potential risks to India’s national interests.
Citing the Prevention of Corruption Act, Moitra implicated Buch, her husband Dhaval Buch, Adani Group Chairman Gautam Adani, Vinod Adani, and legal advisor Cyril Shroff. She also called for accountability of Sebi board members, accusing them of remaining silent on critical issues.
Moitra highlighted the significance of the issue, pointing out the millions of Indian and foreign investors whose confidence in India's stock market and its regulator is at stake. She added that the allegations require urgent investigation given the potential violations under the Prevention of Corruption Act.
The Sebi chairperson has denied the allegations made by Hindenburg Research regarding her involvement in the Adani case.
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