Integrity of SEBI compromised: Rahul Gandhi on Hindenburg allegations
The Leader of Opposition (LoP) Rahul Gandhi commenting on the latest allegations by Hindenburg Research said the integrity of Securities and Exchange Board of India (SEBI) has been “gravely compromised”.
New Delhi: The Leader of Opposition (LoP) Rahul Gandhi commenting on the latest allegations by Hindenburg Research said the integrity of Securities and Exchange Board of India (SEBI) has been “gravely compromised”.
In a video message, Rahul Gandhi reiterated his demand of forming a Joint Parliamentary Committee (JPC) to probe the allegations made by Hindenburg Research even as SEBI Chairperson and Adani Group refuted the claims made by the American short-seller firm.
“The integrity of SEBI, the securities regulator entrusted with safeguarding the wealth of small retail investors, has been gravely compromised by the allegations against its Chairperson”, Rahul Gandhi said in the video message posted on social media platform X.
Listing a series of questions after the latest claims made by the U.S. based short-seller firm, Rahul Gandhi also asked Supreme Court of India to take suo motto action.
“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?
- In light of the new and very serious allegations that have surfaced, will the Supreme Court look into this matter suo moto once again?
“It is now abundantly clear why Prime Minister Modi is so afraid of a JPC probe and what it might reveal”, Rahul Gandhi said.
Hindenburg Research’s latest allegations
America based short-seller firm Hindenburg Research Saturday alleged Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch and her husband Dhaval Buch had a stake in the obscure offshore entities used in the "Adani money siphoning scandal".
Quoting “whistle-blower documents”, Hindenburg alleged, “SEBI’s Chairperson had stake in obscure offshore entities used in Adani money siphoning scandal”, and this is why SEBI did not take any action against Adani Group based on the research firm’s claims made 18 months ago.
Based on the documents in its possession, Hindenburg said SEBI Chairperson and her husband "had hidden stakes in the offshore having connections with Gautam Adani's brother Vinod Adani."
“Mischievous and Manipulative”
The Adani Group Sunday refuted the latest allegations by Hindenburg Research as "malicious, mischievous and manipulative selections of publicly available information" to arrive at "predetermined conclusions for personal profiteering with wanton disregard for facts and the law".
In a stock exchange filing, the Adani Group completely rejected these allegations "which are a recycling of discredited claims that have been thoroughly investigated, proven to be baseless and already dismissed by the Honourable Supreme Court in January 2024".
"For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg's allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws," the Adani Group said.
The Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch and her husband Dhaval Buch also denied the allegations levelled against them, calling them "character assassination attempt".
They also said Hindenburg Research’s charges against them are the result of an enforcement action and show cause notice issued to the Nate Anderson-led US-based short seller last month.
"It is unfortunate that Hindenburg Research against whom SEBI has taken an enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same," Madhabi Buch and Dhaval Buch said in a joint statement.
Select Language To Read in Urdu, Hindi, Marathi or Arabic.
Post Comments