Institutional integrity of SEBI as robust market regulator tarnished by PM: Kharge
Congress chief Mallikarjun Kharge alleged that the institutional integrity of SEBI as a robust market regulator has been “tarnished by Prime Minister Narendra Modi to save his crony friends”
Congress president Mallikarjun Kharge on Tuesday said that the institutional integrity of Securities Exchange Board of India (SEBI) as a robust market regulator has been tarnished by Prime Minister Narendra Modi.
“The institutional integrity of SEBI as a robust Market Regulator has been tarnished by PM @narendramodi to save his crony friends!”, he posted on his official X (formerly Twitter) account.
The development comes at a time when SEBI chief Madhabi Puri Buch has remained at the centre of a controversy weeks after US-based short-seller Hindenburg Research accused Buch and her husband Dhaval Buch of having a stake in obscure offshore entities used in “the Adani money siphoning scandal”.
The allegations triggered a political row with the Congress demanding a parliamentary probe into them.
“The Mega Modi-Adani Scam is being investigated by SEBI. SEBI Chairperson has multiple issues of conflict of interest. Congress party has now revealed numerous such instances”, he wrote on X.
Specifically asking two questions, Kharge continued to question the government on the “shady financial dealings”.
“1. Did they deliberately appoint her to benefit their crony friends? Or were they unaware of the shady financial dealings? 2. Are SEBI orders on regulated companies, now, contingent on the CONSULTANCY FEES its chairperson receives through a shady company? Is this ‘Na Khaunga, Na Khane Doonga’?”, Kharge asked.
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Continuing his criticism, Kharge said the hard-earned money of ten crore stock market investors has been jeopardised.
“The hard-earned money of 10 crore stock market investors has been jeopardised by this MEGA SCANDAL choreographed by Modi ji!”, he added.
In 2023, Hindenburg accused the Adani Group of stock price manipulation.
The US-based short seller alleged that Madhabi Puri, who is in charge of probing the allegations, had a stake in obscure offshore entities used for the purpose.
Hindenburg Research cited documents from a whistleblower and alleged the Buchs held stakes in offshore Bermuda and Mauritius funds via complex structures. It alleged that Dhaval Buch wrote to a Mauritius fund administrator to make him the “sole person authorised to operate the accounts” weeks before Madhabi Puri Buch’s appointment as a whole-time SEBI member in 2017.