A six-member bench led by Lokpal chairperson Justice A M Khanwilkar in a 116-page order concluded that there was no need for a formal probe since the accusations were based on presumptions and assumptions and were not supported by any verifiable material.

There were three complaints against her after US-based Hindenburg Research levelled allegations that the SEBI chief and her husband had investments in offshore funds which are linked to the Adani group of companies. SEBI was probing the complaints against the conglomerate and among the three, one was filed by a Trinamool Congress MP Mahua Moitra.

The order said allegations were essentially based on Hindenburg Research’s allegations that sought to expose or corner the Adani group. The Lokpal focused on five key allegations ranging from investment in a fund linked to Adani group and not disclosing the same; quid pro quo with companies such as Mahindra and Mahindra and Blackstone Inc in the garb of consultancy services by a company in which she had 99 per cent ownership; quid pro quo from Wockhardt Ltd in the garb of rental income from a company -- Carol Info Services Private Limited, which was under investigation by Sebi for insider trading; gaining undue advantage by selling ESOPs from ICICI Bank over five years between 2017 and 2024 at a time when ICICI had regulatory issues with Sebi; and making a pretence of recusal from matters of M&M Group and Blackstone Inc but influencing the other wholetime members and board of Sebi for a favourable outcome.

It was ruled that allegations in the complaint (s) are more on presumptions and assumptions and not supported by any verifiable material and do not attract the ingredients of the offences (under Prevention of Corruption Act), so as to direct an investigation.