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Scroll reported in August 2024 that an unnamed SEBI board member said former chair Madhabi Puri Buch did not recuse herself from the regulator’s Adani investigation, which the Supreme Court had ordered. That is an attributed account from an anonymous source—not an on-record admission or a court or regulatory finding. So, did she recuse herself? The public statements and reporting cited here do not settle the case-specific question.
What was reported about recusal?
Scroll attributed the claim that Buch did not recuse herself and oversaw the investigation to an unnamed SEBI board member. The account was not presented as a finding by a court or regulator. The public reports cited here do not include a case-specific recusal record that independently confirms the board member’s account. Scroll
What did SEBI and the Buchs say?
SEBI said Buch had made relevant disclosures and had recused herself in matters involving potential conflicts. As quoted by NDTV, the regulator said: “As a matter of policy, SEBI refrains from commenting on any investigation and ongoing enforcement matter,” and, “Chairperson has also recused herself in matters involving potential conflicts of interest.” Those are general statements; they do not specify whether she recused herself from the Adani investigation. NDTV
Buch and her husband, Dhaval Buch, likewise said they had followed disclosure and recusal requirements, including disclosing securities held or later transferred. Their statement does not, in the reporting cited here, provide a case-specific account of recusal from the Adani probe. A former SEBI chief quoted by The Indian Express said it was unclear from the public statements whether Buch had recused herself from the Adani investigations. The Indian Express
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What is known about the investment at the centre of the allegations?
Hindenburg Research’s January 2023 report concerning the Adani Group preceded its August 10, 2024 report alleging that Buch and her husband had interests in offshore funds linked to Adani-related entities. In response, the couple said they invested in the IPE Plus fund in 2015, while private citizens living in Singapore, and redeemed their investment in 2018. They said the fund did not hold Adani Group bonds, equities or derivatives while they were invested. These are the couple’s statements, not independent confirmation of the fund’s holdings. The Economic Times
The investment timeline, the fund’s holdings during that period and Buch’s recusal from the investigation are distinct questions. An account of one does not, on its own, establish the answer to the others.
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How far had the Adani investigations progressed?
In August 2024, SEBI said 23 of 24 Adani-related investigations were completed by March 2024, with one close to completion, according to NDTV. SEBI’s account also said the Supreme Court had noted that 22 of 24 investigations were complete by January 3, 2024; the regulator said one more was completed in March and one was close to completion, as reported by The Economic Times. These are dated status updates, not confirmation of the investigations’ present status or of who handled them. NDTV The Economic Times
The Indian Express reported in 2024 that publicly available information suggested Buch’s time at SEBI overlapped with investigations into 13 offshore entities that held stakes in Adani Group companies. That is attributed reporting, not a separately verified count here, and it does not establish whether she recused herself from any particular matter. The Indian Express
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What did the Lokpal decide in May 2025?
The Indian Express reported that the Lokpal dismissed complaints against Buch in May 2025, describing the outcome as finding no credible or verifiable material linking her investments to Adani. The reported decision addressed complaints about alleged investment links. It did not answer the separate question of whether Buch recused herself from SEBI’s Adani investigation. The Indian Express
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What remains unresolved?
The public accounts conflict: Scroll attributed a non-recusal claim to an unnamed board member, while SEBI and the Buchs made broader statements about disclosures and recusals. The reports cited here do not reproduce a case-specific recusal record or other evidence that independently resolves whether Buch recused herself from the Adani probe. The available material therefore supports reporting the allegation and the responses, but not presenting non-recusal as established fact.
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