Lokpal Questions Credibility of Hindenburg Report in SEBI Chairperson Investigation
New Delhi, India – The Lokpal of India has raised concerns about the credibility of the Hindenburg report in relation to complaints seeking an investigation into allegations against SEBI Chairperson Madhabi Puri Buch. The complaints allege corruption and quid pro quo involving the SEBI chief and the Adani Group.
The Lokpal has expressed that the complaints were “rushed in” and primarily based on information from the Hindenburg report. The Lokpal has asked the complainants to provide “verified credible” evidence to support their allegations rather than relying solely on the Hindenburg report.
The Lokpal stated, “The complainant must explain which allegation of impropriety would constitute an offence of corruption within the meaning of the Prevention of Corruption Act, 1988, provision-wise.” The Lokpal also questioned how it could entertain allegations of quid pro quo or failure of meaningful action by SEBI, given the Supreme Court of India’s fair and comprehensive investigations in all twenty-two cases completed by SEBI so far.
The Supreme Court had declined to interfere with the outcome of the twenty-two investigations conducted by SEBI and allowed it to continue with the remaining two pending cases unconditionally. The Lokpal also asked the complainants to clarify how private investments made by the SEBI Chairperson before taking office would attract the offence of corruption under the Prevention of Corruption Act, 1988.
The Lokpal, led by retired Supreme Court judge AM Khanwilkar, noted that the complainant had rushed the complaint online without verifying the contents of the Hindenburg report. The complainant had merely reproduced the factual narrative from the report without verifying its authenticity or how it differed from an earlier report by Hindenburg Research, which had been critically commented upon by the Supreme Court.
Although the names of the complainants were redacted, it is publicly known that Trinamool Congress (TMC) MP Mahua Moitra and former IPS officer Amitabh Thakur had filed complaints with the Lokpal, seeking a probe into the SEBI chief.
Doubts Revealed
Lokpal -: Lokpal is an anti-corruption authority in India that investigates complaints against public officials.
Hindenburg report -: The Hindenburg report is a document created by a financial research firm that often investigates and reports on financial fraud.
SEBI -: SEBI stands for the Securities and Exchange Board of India, which regulates the stock market and protects investors.
Chairperson -: A Chairperson is the leader or head of an organization or committee.
Madhabi Puri Buch -: Madhabi Puri Buch is the current Chairperson of SEBI.
corruption -: Corruption means dishonest or illegal behavior, especially by powerful people.
quid pro quo -: Quid pro quo means a favor or advantage given in return for something.
Adani Group -: The Adani Group is a large Indian company involved in various industries like energy and infrastructure.
Supreme Court -: The Supreme Court is the highest court in India that makes the final decisions on legal matters.
TMC MP Mahua Moitra -: Mahua Moitra is a Member of Parliament from the Trinamool Congress (TMC) party in India.
IPS officer -: An IPS officer is a member of the Indian Police Service, responsible for maintaining law and order.
Amitabh Thakur -: Amitabh Thakur is a former Indian Police Service officer who has filed complaints in this case.
