SEBI Under Fire: Calls for JPC Probe in Alleged Adani Scandal

In light of allegations from Hindenburg Research against SEBI chairperson Madhabi Buch, Congress' Mallikarjun Kharge demands a Joint Parliamentary Committee (JPC) inquiry. He argues this is crucial to maintain trust in India's constitutional institutions and protect investors who rely on SEBI. The Congress reiterates its plea for a thorough probe targeting potential conflicts of interest related to the Adani Group.

In the wake of US short-seller Hindenburg Research's allegations against SEBI chairperson Madhabi Buch, Congress chief Mallikarjun Kharge has called for a Joint Parliamentary Committee (JPC) inquiry to probe this 'massive scandal'.

Kharge has expressed concerns that until a JPC inquiry is initiated, Prime Minister Narendra Modi may continue to shield his ally, thereby compromising India's constitutional institutions that have been built over seven decades.

The Congress party has insisted that the government must act immediately to eliminate all conflicts of interest in the regulator's investigation of the Adani Group and reiterated its demand for a JPC probe.

In a post on social media, Kharge noted that 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. The protection of small and medium investors, who trust SEBI with their investments, is paramount, he emphasized.

Hindenburg Research has recently accused SEBI chairperson Buch and her husband of having stakes in obscure offshore funds tied to the Adani money siphoning scandal. SEBI Chairman Buch and her husband have denied these allegations, claiming their finances are transparent.

The Adani Group responded to Hindenburg's accusations, labeling them as malicious and manipulative, and stated it has no commercial relationship with the SEBI chairperson or her husband.