Hindenburg report: Sack Sebi chief, Says Rahul Gandhi; SP, AAP rally behind INDIA ally

NEW DELHI: Alleging quid pro quo between Adani Group and Sebi chief Madhabi Buch following fresh Hindenburg claims, Congress president Mallikarjun Kharge and Rahul Gandhi on Sunday demanded that govt constitute a joint parliamentary committee (JPC) to probe the allegations, warning there is a serious threat to the hard-earned investments of small and medium investors. Rahul also demanded the sacking of the Sebi chief and asked if Supreme Court will look into the matter again. AAP, meanwhile, demanded PM Narendra Modi’s resignation over the issue.

SP chief too wrote on X: “There should be a historical investigation of Sebi because the history of Sebi has been such that it has never become the true protector and support of investors. Only an impartial investigation can restore Sebi’s reputation to instill a sense of security in investing in the Indian markets.

Kharge, calling Adani a close associate of PM Modi, reminded that Sebi had previously cleared the billionaire businessman following the Hindenburg report allegations in Jan 2023. He said, “A JPC inquiry is imperative to investigate this massive scandal. Until then, concerns persist that PM Modi will continue to shield his ally, compromising India’s constitutional institutions, painstakingly built over seven decades.”

Party spokesperson Jairam Ramesh said the SC expert panel had noted that the Sebi had shown strange reluctance to probe the Adani ‘MegaScam’, while underlining that the Sebi had in 2018 diluted, and in 2019 entirely deleted, the reporting requirements relating to the ultimate beneficial ownership of foreign funds, which tied the hands of the expert panel and led to Sebi’s failure to reach to the bottom of the irregularities.

AAP’s Sanjay Singh, demanding a JPC, said, “Any statement or report made by the Sebi chief in the SC on Adani’s probe has no meaning. The Court should take cognisance of this, because the truth has been hidden from it.”

Congress spokesperson Supriya Shrinate asked if the govt curtailed the Budget session of Parliament because it was aware of the impending release of Hindenburg report.

Courtesy : TOI

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