Congress Calls for Elimination of Conflicts in Adani Investigation

The Congress has urged the Centre to remove conflicts of interest in the Securities and Exchange Board of India's (SEBI) probe into the Adani Group following allegations from Hindenburg Research against SEBI chairperson Madhabi Buch. A Joint Parliamentary Committee investigation has been recommended to resolve the issue.

The Congress party on Saturday called for the Centre to eliminate conflicts of interest in the Securities and Exchange Board of India's (SEBI) investigation into the Adani Group. This comes after US short-seller Hindenburg Research leveled accusations against SEBI chairperson Madhabi Buch for allegedly having stakes in offshore funds linked to the Adani scandal.

In a blog post, Hindenburg Research accused Buch and her husband of involvement in obscure offshore funds, claiming a lack of interest from SEBI in probing Adani's undisclosed web of entities despite 18 months passing since its damaging report. Congress general secretary Jairam Ramesh emphasized that public pressure had led SEBI to reintroduce stricter rules, but no substantive outcomes have been realized.

The Congress demanded the establishment of a Joint Parliamentary Committee to investigate the full scope of the allegations, citing potential complicity at the highest levels of officials and urging immediate government action to ensure a thorough and unbiased probe into the matter.

(With inputs from agencies.)