SEBI's reputation is in grave danger, who will take responsibility for small investors- Rahul Gandhi

Hindenburg Report: Politics in the country has once again intensified after the report of American short-seller Hindenburg Research. After the allegations leveled against the head of securities regulator Securities and Exchange Board of India (SEBI) Madhavi Buch and her husband in the report, Leader of Opposition in Lok Sabha Rahul Gandhi also targeted them. He said that the reputation of SEBI has been "seriously threatened" by the allegations against its chief. He also asked whether the Supreme Court will once again take suo motu cognizance of the matter.

Rahul Gandhi said on a video post on social media platform X on Sunday that the reputation of SEBI has been tarnished by the allegations. He said, "The reputation of the securities regulator SEBI, responsible for the protection of the assets of small retail investors, has been seriously threatened by the allegations against its chief."

Why did Madhabi not resign: Rahul

He further said, "Honest investors across the country have many important questions for the government - why has SEBI chief Madhabi Puri Buch not resigned yet? If investors lose their hard-earned money, who will be responsible - PM Modi, SEBI chief or Gautam Adani?"

Former Congress President Rahul Gandhi further said that in view of the new and "very serious" allegations that have surfaced, will the Supreme Court take suo motu cognizance of the matter again? He said, "Now it is completely clear why PM Narendra Modi is so afraid of the Joint Parliamentary Committee i.e. JPC investigation and what can be revealed from it."

Kharge also demanded JPC investigation

Earlier, Congress President Mallikarjun Kharge has also demanded the formation of a JPC to investigate the matter. He said that a joint parliamentary committee needs to be formed to investigate this big scam.

However, SEBI chief Buch and her husband, who came under fire after the report, called the allegations against them baseless and said that everything about their financial status is open. At the same time, the Adani Group called these new allegations malicious and based on manipulation of selective public information. The company insisted that it has no business relationship of any kind with the SEBI chief or her husband.

US short-seller Hindenburg Research created a sensation on Saturday by alleging that SEBI chief Madhavi Buch and her husband Dhaval Buch had stakes in shadowy offshore funds allegedly used in the Adani money laundering scam.

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.

Honest investors across the country have pressing questions for the government:

- Why… pic.twitter.com/vZlEl8Qb4b

— Rahul Gandhi (@RahulGandhi) August 11, 2024