Political Firestorm: Hindenburg's Charges Shake SEBI and Govt Credibility

Hindenburg Research's allegations against SEBI Chairperson Madhabi Puri Buch and her husband have sparked a political firestorm, affecting the credibility of the Centre. BSP Chief Mayawati urged for a high-level inquiry. Both Buch and SEBI have denied the allegations, citing a conspiracy to destabilize India's financial market.

Hindenburg Research's allegations against SEBI Chairperson Madhabi Puri Buch and her husband have now spiraled beyond a political debate, impacting the Centre's credibility, said BSP chief Mayawati on Tuesday.

Mayawati emphasized that a high-level inquiry should have been initiated by the Centre to address these serious allegations.

On August 10, Hindenburg Research accused Buch and her husband of having interests in offshore funds linked to the alleged Adani money laundering scandal.

BSP Chief Mayawati expressed concerns that the persistent allegations are detrimental to the national interest, despite clarifications from both Adani and SEBI.

Hindenburg Research's claims have triggered political unrest, with Congress and other opposition parties demanding Buch's removal and a Joint Parliamentary Committee (JPC) inquiry.

On the contrary, the BJP accused the opposition of conspiring to undermine India's financial stability.

The opposition parties have also called for Supreme Court intervention in the matter.

Buch and her husband have categorically rejected the accusations, asserting that Hindenburg Research is undermining SEBI's credibility.

SEBI stated that they have thoroughly investigated the allegations against Adani and noted that Buch had recused herself in cases potentially involving conflicts of interest.

The Adani Group dismissed the allegations as baseless and manipulative, clarifying that they have no commercial ties to SEBI's chairperson or her husband.