Bahujan Samaj Party (BSP) chief Mayawati has sharply criticised the Centre and said that the allegations from Hindenburg Research against SEBI Chairperson Madhabi Puri Buch have escalated beyond a mere political dispute between the ruling party and the opposition. This controversy is now damaging the credibility of the Centre itself.

She has joined the opposition in its demand for a high-level inquiry into the allegations. The Congress is pushing for an immediate Joint Parliamentary Committee (JPC) to probe what it terms the “Modani mega scam”.

On August 10, Hindenburg Research alleged that Buch and her husband Dhaval Buch had investments in obscure offshore funds, which were supposedly linked to the Adani Group money siphoning scandal.

In a post on X, Mayawati said, “First the Adani Group and now the SEBI chief-related Hindenburg report are again in the news and the allegations and counter-allegations are continuing to such an extent that it is being said to affect the national interest. Despite the clarifications provided by Adani and SEBI, the issue remains on the boil.”

She added, “The matter is no longer just a debate between the ruling party and the opposition but is now impacting the goodwill (‘saakh’) and credibility of the Centre itself. It would have been better if the Centre had ordered a high-level inquiry, such as a Joint Parliamentary Committee (JPC) or judicial inquiry, by now.”

The allegations from Hindenburg Research have triggered a political debate, with Congress and other INDIA bloc parties calling for Buch’s removal and a JPC probe. The BJP has accused the opposition of attempting to destabilise the financial sector and create chaos in India. Opposition parties have also urged the Supreme Court to step in on the issue.

Buch and her husband have dismissed the allegations as baseless. They argue that Hindenburg Research is targeting SEBI’s credibility and attempting to discredit its chief instead of addressing a showcause notice issued to it for “violations in India.”

SEBI has stated that the allegations against the Adani Group were “duly investigated,” and that Buch had disclosed her potential conflicts of interest, recusing herself from matters where necessary. The Adani Group has characterised the allegations as malicious and based on manipulated public information, asserting that it has no commercial relationship with Buch or her husband.