Hindenburg case: Rahul claims SEBI integrity is seriously compromised, attacks PM Modi | India News

Leader of Opposition in the Lok Sabha Rahul Gandhi on Sunday said the integrity of SEBI had been “seriously compromised” by the allegations against its chairman and asked whether the Supreme Court would review the matter again on its own initiative.

The Congress leader also attacked Prime Minister Narendra Modi over the issue, saying it was now abundantly clear why PM Modi was “so afraid” of a Joint Parliamentary Committee (JPC) inquiry.

His remarks come after U.S. short-seller Hindenburg Research alleged on Saturday that the market regulator Madhabi Buch, Chairman of SEBI and her husband held stakes in shady offshore funds used in the alleged Adani embezzlement scandal.

In a post on X, Gandhi said: “The integrity of SEBI, the securities regulator tasked with protecting the wealth of small retail investors, has been seriously compromised by the allegations against its chairman.”

“Honest investors across the country have pressing questions to ask the government: Why has SEBI Chairman Madhabi Puri Buch not resigned yet? If investors lose their hard-earned money, who will be held responsible: Prime Minister Modi, SEBI Chairman or Gautam Adani?” the former Congress leader said.

In light of the new “very serious” allegations that have surfaced, will the Supreme Court take up this matter again on its own initiative? Gandhi asked.

“It is now abundantly clear why Prime Minister (Narendra) Modi is so afraid of a JPC (Joint Parliamentary Committee) inquiry and what it might reveal,” he said.

Gandhi also released his video statement on the issue in which he said it was his duty as the leader of the opposition to draw people's attention to the fact that there is a “significant risk” in the Indian stock market as the institution that governs the market is “compromised”.

“Imagine you are watching an international cricket match between India and Australia and every spectator and every player knows that the umpire is at fault. What would happen to the fairness of the match, what would happen to the results? How would you feel as a participant in the match?” Gandhi said in the video.

This is exactly what is happening in the Indian stock market, he added.

In recent years, an increasing number of people have invested in the Indian stock market, he said.

“They are investing their hard-earned and honestly earned savings in the stock market and it is my duty as the Leader of the Opposition to bring to your attention that there is a significant risk in the Indian stock market because the institution that governs the stock market is compromised,” he said.

“I will now explain to you exactly how and why this case was compromised. A very serious allegation against the Adani group was of illegal holding of shares and price manipulation using offshore funds. It has now come to light that SEBI Chairperson Madhabi Buch and her husband had interests in one of these funds. This is an explosive allegation because it claims that the arbitrator herself is compromised,” Gandhi said.

The hard-earned and honest savings of millions of Indians are at risk, he said.

It is therefore imperative that this matter be investigated, Gandhi said.

Securities and Exchange Board of India (SEBI) chairwoman Buch and her husband have denied the allegations as baseless and said their finances were an open book.

SEBI said the allegations against the Adani group were “duly examined” and that Chairperson Buch disclosed and recused herself from time to time while dealing with certain issues.

Adani Group has called the latest allegations malicious and based on manipulation of some public information. The company said it has no business relationship with the SEBI chairperson or her husband.

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