‘Gravely compromised’: LoP Rahul Gandhi raises questions on Sebi’s integrity following Hindenburg allegations against chief

Leader of Opposition in the Lok Sabha, Rahul Gandhi, raised concerns on Sunday about Sebi’s operations in light of recent allegations against its chairperson Madhabi Buch by Hindenburg Research.

The allegations, made by US short-seller Hindenburg Research, claim that Buch and her husband have stakes in offshore funds used in a purported Adani money siphoning scandal. Gandhi questioned whether the Supreme Court would take a suo motu interest in this matter.

“The integrity of SEBI, the securities regulator entrusted with safeguarding the wealth of small retail investors, has been gravely compromised by the allegations against its Chairperson,” Gandhi said in a post on X. He also posed pressing questions to the government regarding the accountability of SEBI’s leadership.

“Honest investors across the country have pressing questions for the government: Why hasn’t SEBI Chairperson Madhabi Puri Buch resigned yet? If investors lose their hard-earned money, who will be held accountable — PM Modi, the SEBI Chairperson, or Gautam Adani?” the former Congress chief said.

Gandhi called the new allegations “very serious” and urged the Supreme Court to reconsider the matter. He implied a connection between Prime Minister Narendra Modi’s resistance to a Joint Parliamentary Committee (JPC) probe and these allegations. “It is now abundantly clear why Prime Minister Modi is so afraid of a JPC (joint parliamentary committee) probe and what it might reveal,” he said.

The political conflict between Congress and BJP, escalated on Sunday following accusations made by Hindenburg Research. The allegations have raised concerns about the impartiality of the regulatory body’s ongoing probe into the Adani Group. “The small & medium investors belonging to the middle class who invest their hard-earned money in the stock market need to be protected, as they believe in the Sebi. A joint parliamentary committee (JPC) inquiry is imperative to investigate this massive scandal,” congress President Mallikarjun Kharge said earlier.

Both SEBI Chairperson Buch and her husband have denied the allegations, labeling them as baseless. They emphasised that their finances are transparent and open for scrutiny.

The Adani group has also dismissed the allegations, describing them as malicious and based on manipulated public information. The company affirmed that it has no commercial relationships with SEBI Chairperson Buch or her husband.

Courtesy : TOI

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