Intensifying its tirade against the Nareandra Modi-led government following Hindenburg allegations, the Congress party has announced a nationwide agitation on August 22. The party is demanding the resignation of SEBI Chief Madhabi Puri Buch and calling for a Joint Parliamentary Committee (JPC) probe into the Adani issue.
The announcement came after a meeting convened by Congress president Mallikarjun Kharge, which included general secretaries, state unit chiefs, and AICC state in-charges. “The shocking revelations of a nexus between the SEBI and Adani needs a thorough investigation. The money of small investors in the stock market cannot be jeopardised,” Kharge said in a post on X after the meeting.
The Modi government must immediately seek the resignation of the SEBI chairperson and constitute a JPC in this regard, he said. Earlier on August 10, Hindenburg Research alleged that SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch had stakes in obscure offshore funds connected to the alleged Adani money siphoning scandal.
These claims have sparked a political clash, with the Congress and other I.N.D.I.A bloc parties demanding Buch’s removal and a JPC probe.
However, the BJP accused the opposition of conspiring to create financial instability in India. Madhabi Puri Buch and her husband have dismissed the allegations as unfounded, accusing Hindenburg Research of undermining SEBI’s credibility and engaging in character assassination, rather than addressing a show cause notice issued to the firm for “violations in India.”
Meanwhile, the SEBI said the allegations against the Adani Group had been “duly investigated” and its chairperson disclosed and from time to time “also recused herself in matters involving potential conflicts of interest”.
The Adani Group termed the allegations malicious and based on manipulation of select public information. The company said it had no commercial relationship with the SEBI chairperson or her husband.
