Opposition Protests Demand Investigation into Indian Market Regulator Chief

Over 1,000 opposition supporters in India protested in major cities, calling for an investigation into the market regulator chief's alleged conflict of interest regarding the Adani Group. Allegations by Hindenburg Research claim that the chief had prior investments in an offshore fund linked to the Adani Group. Both the chief and the Adani Group deny these allegations.

Over 1,000 opposition party supporters mobilized in New Delhi, Mumbai, and other state capitals on Thursday, demanding a thorough investigation into the alleged conflict of interest involving the market regulator chief and the Adani Group.

The probe is centered around claims made by U.S.-based short-seller Hindenburg Research, which accused the Adani Group of using tax havens to bypass local regulations. Hindenburg's recent report also alleged that the Securities and Exchange Board of India (SEBI) chairperson, Madhabi Puri Buch, had prior investments in an offshore fund used by the Adani Group, leading to criticism from opposition parties.

While Buch and the Adani Group have dismissed these allegations, opposition leaders like Congress senior Sachin Pilot insist on a joint parliamentary committee to restore investor confidence. Despite mounting pressure, Prime Minister Narendra Modi's government has refused to yield to these demands. Protests were also sparked in Mumbai and other cities across the nation, with clashes reported between Congress party workers and police in Mumbai.

(With inputs from agencies.)