In an important case that questioned the transparency of India’s financial system, the Lokpal has been acquitted by the former Sebi Head (SEBI – Indian Securities and Exchange Board) Maddi Puri Butch. Hindenberg, a short -lived company in the United States, was agitated by serious allegations of Madbi Butch and Adani group. However, the Ombudsman has made all these allegations baseless.

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What happens?

According to a report released on August 10, 2024 on August 10, 2022, the Adani group had an alleged share of Madbi Puri Butch and her husband Dhawal Butch in the foreign investment of the Group. According to the report, it was also indicated that the Sebi and Adani group were ‘Milghat’. The allegations had caused a huge uproar in the financial and administrative circles.

In a report submitted by the Ombudsman, it is clear that “the complaint filed in this case is not based on testimony in any way. The complaint proves to be ‘non -qualifications’ because there is no concrete evidence or legal support. After the Lokpal report, all the allegations imposed on Madbi Puri Butch have been officially rejected and they have been given a clean chit.

Madhavi Puri Butch started his career in SEBI in 2017. In March 2022, he was appointed SEBI Chairperson. Under his leadership, Sebi implemented many important rules for iPO, share trading, F&O segment. His tenure was from February 282525. After his retirement, Tuhin Kant Pandey has accepted the formula of SEBI chief.

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The decision of the Ombudsman has eliminated the suspicion of Madbi Puri Butch. Exiting the shadow of the complications and doubts to the Adani case, they have proved their clean image again. This has given a positive message to maintain transparency in Indian investors and market regulatory bodies.