SEBI chief Madhabi Puri Buch cleared of misconduct charges: Report
What's the story
The Indian government has given a clean chit to Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch, following an internal investigation.
The probe found no evidence against Buch or her family members.
According to India Today's report, no disciplinary action will be taken against the SEBI chief and she will not have to resign from her position.
Succession planning
Search for next SEBI chief underway
The government's exoneration of Buch comes amid efforts to find her successor.
Moneycontrol reported earlier this month that the process to invite applications for the top position at SEBI will begin soon.
The report also hinted at an extension of Buch's tenure being possible while ruling out any early termination of her contract.
Regulatory review
Buch to attend PAC review meeting
Notably, the clearance for Buch comes just ahead of the Public Accounts Committee's (PAC) review of top regulatory authorities on October 24.
The heads of SEBI and Telecom Regulatory Authority of India (TRAI) have been summoned for the meeting.
This development adds a new dimension to the upcoming regulatory review by the PAC.
Allegations overview
Buch faced allegations related to offshore investments
In recent months, Buch has been embroiled in several allegations.
First, short-seller Hindenburg and later the Congress party questioned her investments in offshore funds linked to the Adani Group and possible violations of SEBI's code of conduct.
Some SEBI employees also accused Buch of creating a "toxic work environment," an issue that has now been addressed.