Congress To Lead Nationwide Protest Demanding SEBI Head’s Removal: KC Venugopal
In a meeting held by party president Mallikarjun Kharge, Congress General Secretary and Alappuzha MP, KC Venugopal stated that a nationwide protest will be held on August 22 where Enforcement Directorate (ED) offices in each state capital will be “gheraoed,” demanding the SEBI chairman’s, Madhabi Puri Buch, removal.
Among the several issues discussed in the meeting such as caste census, MSP and more, the party leaders discussed Hindenburg’s latest allegations against the SEBI chairman and her husband Dhaval Buch which accuses them of holding stakes in offshore funds allegedly linked to the Adani Group’s purported money-laundering activities.
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“We had a discussion about one of the biggest scams happening in the country right now-the Hindenburg revelations, the scam related to Adani and SEBI,” said KC Venugopal.
He added that a unanimous decision has been reached to hold a nationwide protest with two primary demands: removal of Buch as the SEBI chairman and a Joint Parliamentary Committee (JPC) inquiry on Adani in which “the Prime Minister is fully involved and in which the financial market regulation has now been found to have been severely compromised.”
Responding to the allegations, the Buchs strongly refuted the accusations, describing them as “malicious and motivated.”
Hindenburg argued that under Buch’s leadership, SEBI was responsible for investigating investment funds related to the Adani matter, including funds in which Buch herself was allegedly invested. The firm stated, “This is obviously a massive conflict of interest,” questioning the integrity of the regulatory processes within SEBI.
“The shocking revelations of nexus between SEBI and Adani needs to a thorough investigation. The money of small investors in the stock market can’t be jeopardised. Modi Govt must immediately seek the resignation of SEBI chairperson and constitute a JPC in this regard,” stated Kharge in an X post.
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Earlier, Congress general secretary Jairam Ramesh said in a statement, “the Adani MegaScam extends beyond the 24 matters under SEBI’s investigation. It encompasses the source of the Rs 20,000 crore benami funds invested in the Adani Group, the over-invoicing of thousands of crores in coal and power equipment, and the laundering of those proceeds.”
