Oppn Calls for JPC Probe into Hindenburg Report Allegations Against SEBI Chairperson

GG News Bureau
New Delhi, 12th August. The Congress and various opposition parties have demanded a Joint Parliamentary Committee (JPC) investigation into the latest allegations by Hindenburg Research. The report claims that Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch had stakes in obscure offshore entities involved in the Adani scandal.

Rahul Gandhi, Leader of Opposition in the Lok Sabha, questioned the SEBI chairperson’s failure to resign, questioning accountability for investor losses. “The integrity of SEBI has been gravely compromised. Why hasn’t the SEBI chairperson resigned? If investors lose their money, who will be accountable—PM Modi, the SEBI Chairperson, or Gautam Adani?” Gandhi posted on X. He further said that Prime Minister Modi’s reluctance to a JPC probe indicates fear of what it might reveal.

Congress President Mallikarjun Kharge highlighted that SEBI had previously cleared Adani, a close associate of PM Modi, despite earlier revelations by Hindenburg. “New allegations suggest a quid-pro-quo involving the SEBI chief,” Kharge stated, emphasizing the need for a JPC inquiry to protect small and medium investors.

The Trinamool Congress (TMC) demanded both Buch’s suspension and a JPC, along with a Supreme Court-monitored probe. TMC leader Derek O’Brien described the situation as extraordinary and criticized the BJP’s stance in Parliament.

The Aam Aadmi Party (AAP) labeled the issue a “BJP scam” and called for Prime Minister Modi’s resignation on moral grounds.

The Communist Party of India (Marxist) (CPI(M)) supported the call for a JPC probe, citing the seriousness of the allegations against SEBI’s head. “The Chairperson should step aside until a proper investigation is conducted,” the CPI(M) stated.

CPI General Secretary D. Raja also demanded statements from Prime Minister Modi and Finance Minister Nirmala Sitharaman, questioning SEBI’s regulatory effectiveness and Buch’s continued leadership amid the allegations.