The exoneration of former Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch by the Lokpal was not entirely unexpected. Allegations that she and her husband had used obscure offshore funds to benefit themselves and the Adani Group, though explosive, lacked verifiable substance.

Yet, the case and its context raise deeper concerns about regulatory credibility, political gamesmanship, and the ever-shifting sands of public perception. The allegations surfaced in the wake of the Hindenburg Research report, which caused a seismic jolt to Indian markets.

The report not only sent Adani Group shares tumbling, erasing billions in market capitalisation, but also laid bare the vulnerabilities of India’s financial regulatory system. In the........

© Free Press Journal