New Delhi, August 11 2024 : The Congress party has called for a Joint Parliamentary Committee (JPC) probe into new allegations against Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch, as detailed in the latest Hindenburg report. The opposition claims that both Buch and her husband, Dhaval Buch, had interests in obscure offshore funds allegedly used in the Adani money siphoning scandal.
Congress President Mallikarjun Kharge criticized SEBI’s previous clearance of Adani, a close associate of Prime Minister Narendra Modi, following revelations in the January 2023 Hindenburg report. He asserted that recent allegations suggest a possible quid-pro-quo involving SEBI’s chief. Kharge emphasized the need for a JPC inquiry to protect middle-class investors who trust SEBI with their investments.
He expressed concerns that PM Modi might be shielding his ally, compromising India’s constitutional institutions built over seven decades, until a thorough investigation is conducted.
The Hindenburg report has intensified opposition criticism by alleging that SEBI chief Madhabi Puri Buch and her husband had stakes in obscure offshore funds tied to the Adani scandal. Hindenburg accused SEBI of showing a lack of interest in Adani’s alleged undisclosed offshore entities, 18 months after its initial report.
Both Madhabi Puri Buch and her husband have denied the allegations, calling them baseless. The Adani group dismissed the claims as “malicious” and “manipulative,” accusing Hindenburg of distorting facts for personal gain.
The Bharatiya Janata Party (BJP) has rebuffed the Congress’s demands, accusing the opposition of collaborating with Hindenburg to further their political agenda. BJP leader and former Union Minister Rajeev Chandrasekhar alleged that the report’s publication was part of a strategy in alliance with Congress to target SEBI and the ruling party.
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