Cong demands JPC probe into Hindenburg allegations against SEBI chief

Hindenburg alleged that SEBI chief Madhabi Puri Buch and her husband Dhaval Buch had stakes in obscure offshore funds used in the Adani money siphoning scandal

Published on: Aug 11, 2024, 16:25:46 IST

By HT News Desk

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The Congress on Sunday demanded a joint parliamentary committee (JPC) probe into allegations against Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch in the latest Hindenburg report.

In a post on social platform X, Congress chief Mallikarjun Kharge said,"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 small & medium investors belonging to the Middle Class who invest their hard-earned money in the stock market need to be protected, as they believe in the SEBI. A Joint Parliamentary Committee (JPC) inquiry is imperative to investigate this massive scandal,” Kharge added.

ALSO READ: Hindenburg row: Top 3 allegations against Sebi chairperson Madhabi Puri Buch

“Until then, concerns persist that PM Modi will continue to shield his ally, compromising India's Constitutional institutions, painstakingly built over seven decades,” the Congress leader added.

Hindenburg report's allegations

The opposition has launched an all out attack after the latest report by US-based research firm Hindenburg alleged that SEBI chief Madhabi Puri Buch and her husband Dhaval Buch had stakes in obscure offshore funds used in the Adani money siphoning scandal.

Hindenburg said 18 months since its report on Adani, "SEBI has shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities."

ALSO READ: New Hindenburg report: Link between Sebi, Blackstone, Dhaval Buch and REITs

SEBI chief and her husband denied the “baseless allegations and insinuations made in the report”, adding they "are devoid of any truth".

The Adani group in a regulatory filing called the allegations by Hindenburg as "malicious, mischievous and manipulative selections of publicly available information to arrive at predetermined conclusions for personal profiteering with wanton disregard for facts and the law."

The Bharatiya Janata Party has hit out at the opposition Congress, alleging the report had been published in a “partnership” with the grand old party.

“Let's be clear - this attack on SEBI by a foreign bank Hindenburg, is an obvious partnership with the Cong and has an ominous motive and goal," BJP leader and former union minister Rajeev Chandrasekhar said in a post on X.

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HT News Desk
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