NEW DELHI: The US-based short seller Hindenburg Research’s allegations against SEBI chief Madhabi Buch triggered a political slugfest on Sunday with the Congress and other INDIA bloc parties demanding her removal and a joint parliamentary committee (JPC) probe and the ruling BJP accusing the opposition of being a part of a conspiracy to create financial instability and chaos in India.The opposition parties also urged the Supreme Court to step in after Hindenburg Research on Saturday alleged that the SEBI chairperson and her husband had stakes in obscure offshore funds used in the alleged Adani money siphoning scandal.Madhabi Buch and her husband Dhaval dismissed the charges as baseless and alleged that Hindenburg Research is attacking capital markets regulator SEBI’s credibility and attempting a character assassination of its chief instead of replying to a show cause notice served to it for “violations in India”.SEBI said allegations against the Adani Group have been “duly investigated”, and its chairperson disclosed and recused herself from time to time when dealing with matters.The Adani Group also termed the allegations malicious and based on manipulation of select public information.The company claimed it has no commercial relationship with the Securities and Exchange Board of India (SEBI) chairperson or her husband.In the wake of the report, the Congress said the government must act immediately to eliminate conflicts of interest in the regulator’s investigation of the Adani Group and renewed the demand for a JPC probe into the entire matter.The principal opposition party also said the Supreme Court should take suo motu cognisance of the “entire scam” and get it probed under its aegis as the investigating agency SEBI is itself accused of being involved in it.It asserted that in the wake of such “serious allegations”, Buch cannot remain in her position.Leader of Opposition in Lok Sabha Rahul Gandhi said the integrity of SEBI has been “gravely compromised” by the allegations against its chairperson and asked whether the Supreme Court would look into this matter suo motu once again following the revelations.”Honest investors across the country have pressing questions for the government: Why hasn’t SEBI Chairperson Madhabi Puri Buch resigned yet? If investors lose their hard-earned money, who will be held accountable — PM Modi, the SEBI Chairperson, or Gautam Adani?” the former Congress chief said.”It is now abundantly clear why Prime Minister (Narendra) Modi is so afraid of a JPC probe and what it might reveal,” he said.Congress president Mallikarjun Kharge said SEBI previously cleared Adani before the Supreme Court following the January 2023 Hindenburg Report revelations but new allegations have surfaced regarding a “quid-pro-quo” involving the SEBI chief.
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