The Anti-corruption ombudsman, Lokpal, has requested an explanation from SEBI chief Madhabi Puri Buch regarding conflict of interest complaints filed by a Lok Sabha member and others based on Hindenburg Research’s report. The order, while procedural, demands a response within four weeks for further consideration.

The anti-corruption watchdog, Lokpal, has requested an explanation from SEBI chief Madhabi Puri Buch following allegations of impropriety and conflict of interest raised by a Lok Sabha member and two others. These allegations are based on a report by US short-seller Hindenburg Research.

According to an official statement, the Lokpal emphasized that the directive is purely procedural and not an indicator of its stance on the matter. Buch is required to respond within four weeks to address the accusations presented in multiple complaints.

The case, involving stakes in offshore funds and alleged connections to the Adani Group scandal, will see further scrutiny on December 19. Notably, Buch has refuted the allegations, dismissing them as character attacks aimed at undermining the credibility of India’s capital markets regulator.

(With inputs from agencies.)