TMC Demands Immediate Suspension of SEBI Chief Over Hindenburg Allegations

The TMC has called for the immediate suspension of SEBI chairperson Madhabi Puri Buch following allegations by Hindenburg Research that she and her husband hold stakes in offshore funds linked to the Adani group. TMC leaders claim Buch's position presents a conflict of interest, while SEBI and the Adani group deny any wrongdoing.

On Sunday, the Trinamool Congress (TMC) demanded the urgent suspension of SEBI chairperson Madhabi Puri Buch after U.S. short-seller Hindenburg Research alleged she and her husband held stakes in obscure offshore funds connected to the Adani group.

Reacting to the allegations, senior TMC leader Sukhendu Sekhar Ray stated, “SEBI chief should be suspended immediately, and lookout notices must be issued at all airports to prevent her and her husband from leaving the country.” SEBI head dismissed the allegations as “baseless,” while the Adani group claimed it had no commercial relationship with Buch.

TMC MP Mahua Moitra highlighted a potential conflict of interest, pointing out that Buch, who has reportedly invested in the same funds under investigation, leads the organization entrusted with the fiduciary responsibility of uncovering ownership details. Moitra raised multiple questions regarding the matter.