In a recent escalation of political tension, Congress leader Rahul Gandhi has intensified his critique of the Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch, accusing her of shielding the Adani Group. Gandhi’s comments follow renewed concerns about the Adani Group’s finances and allegations from U.S.-based short-seller Hindenburg Research, which has claimed that SEBI is overlooking alleged financial misconduct within the conglomerate.
In his address, Gandhi emphasized that SEBI, as a regulatory body responsible for protecting retail investors, has a duty to ensure transparency and accountability. He questioned why Madhabi Buch had not resigned amid these allegations, pointing out that Buch’s position could potentially undermine the credibility of SEBI’s oversight role. Gandhi further asserted that the allegations validate his earlier calls for a Joint Parliamentary Committee (JPC) investigation into the Adani Group, suggesting that Prime Minister Narendra Modi’s government might be reluctant to support such an inquiry due to close ties with the Adani family.
The latest Hindenburg report has renewed calls for transparency, with allegations suggesting that Buch may have indirect interests in funds linked to the Adani Group through her family. This has fueled opposition claims that SEBI’s impartiality is compromised. In response, the ruling BJP dismissed these accusations, framing them as a conspiracy intended to destabilize India’s financial sector, while SEBI has not issued a formal response on the matter.
As the controversy continues, demands from opposition leaders for Buch’s resignation and a transparent investigation are intensifying, with political leaders like Mallikarjun Kharge echoing calls for accountability. Observers are now closely watching how SEBI and the government will respond to the mounting political and public pressure, which could have significant implications for investor confidence and regulatory transparency in India.
