Leader of Opposition in the Lok Sabha Rahul Gandhi speaks via a video message posted on Sunday, Aug. 11, 2024. Gandhi spoke after Hindenburg Research on Saturday August 11 alleged that market regulator SEBI chairperson Madhabi Buch and her husband had stakes in obscure offshore funds used in the alleged Adani money siphoning scandal.

A political storm erupted on Sunday as the Congress and the ruling BJP clashed over allegations made by US short-seller Hindenburg Research against Sebi chairperson Madhabi Buch. The Congress demanded government action to address conflicts of interest in Sebi’s investigation into the Adani Group, renewing its call for a Joint Parliamentary Committee (JPC) probe. Congress president Mallikarjun Kharge criticised the government’s handling of the situation, expressing concerns over few allegations involving a “quid-pro-quo” between Sebi and the Adani Group.

Congress president Mallikarjun Kharge criticised the government’s handling of the situation, expressing concerns over few allegations involving a “quid-pro-quo” between Sebi and the Adani Group.

Kharge highlighted the need to protect small and medium investors, reiterating that only a JPC inquiry could fully uncover the scope of what he termed as a “massive scandal.” Meanwhile, the BJP strongly refuted the allegations, accusing the Congress and other Opposition parties of conspiring to create financial instability in India. The BJP dismissed the charges against the Sebi chief as an attempt to undermine the credibility of the financial watchdog.

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