Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch. File
| Photo Credit: PTI
Amid the raging row over the Hindenburg allegations, the Congress on Tuesday (August 13, 2024) announced that it will hold a nationwide agitation on August 22 demanding SEBI Chief Madhabi Puri Buch’s resignation and a Joint Parliamentary Committee probe into the Adani issue.
The announcement was made after Congress president Mallikarjun Kharge held a meeting with all general secretaries, State unit chiefs and AICC State in-charges in New Delhi as the party gets battle-ready for the upcoming round of Assembly polls to discuss organisational matters and various issues of national importance for election preparedness.
“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,” Mr. 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.
Briefing reporters on the meeting, Congress general secretary (organisation) K.C. Venugopal said it was unanimously decided at the meeting that the party will hold a nationwide agitation on August 22, demanding the SEBI chief’s resignation and a JPC probe into Adani issue.
Hindenburg Research on August 10 alleged that SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch had stakes in obscure offshore funds used in the alleged Adani money siphoning scandal.
The allegations have triggered a political slugfest with the Congress and other INDIA bloc parties demanding her removal and a Joint Parliamentary Committee (JPC) probe while the BJP accused the Opposition of being a part of a conspiracy to create financial instability and chaos in India.
Ms. Buch and her husband have dismissed the charges as baseless and alleged that Hindenburg Research was attacking capital markets regulator SEBI’s credibility and attempting a character assassination of its chief instead of replying to a showcause notice served to it for “violations in India”.
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.
