Leader of Opposition in Lok Sabha and Congress leader Rahul Gandhi on Sunday asked why hasn’t SEBI Chairperson Madhabi Puri Buch resigned yet amid Hindenburg’s allegation in new report.
In a post on X, Rahul Gandhi said that 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.
Stating that honest investors across the country have pressing questions for the government, Rahul Gandhi asked, “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? In light of the new and very serious allegations that have surfaced, will the Supreme Court look into this matter suo moto once again?.”
The Congress leader further said that it is now abundantly clear why Prime Minister Modi is so afraid of a JPC probe and what it might reveal.
Hindenburg Research alleged that it suspects SEBI’s unwillingness to act against Adani group may be because Buch had stakes in offshore funds linked to the conglomerate.
Earlier in the day, Congress chief Mallikarjun Kharge demanded a Joint Parliamentary Committee (JPC) inquiry to investigate ‘massive scandal’.
“SEBI had previously cleared Adani, a close associate of PM Modi, before the Supreme Court following the January 2023 Hindenburg Report revelations. However, new allegations have surfaced regarding a quid-pro-quo involving the SEBI Chief,” said Kharge in a post on X.
Kharge further added, “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. Until then, concerns persist that PM Modi will continue to shield his ally, compromising India’s Constitutional institutions, painstakingly built over seven decades.”