Leader of Opposition Rahul Gandhi, responding to the latest Hindenburg Research allegations against SEBI, its chief Madhabi Puri Puch and Adani Group, said the “the umpire has been compromised”. He added that the integrity of Securities and Exchange Board of India (SEBI), the securities regulator entrusted with safeguarding the wealth of small retail investors, has been gravely compromised by the allegations against its Chairperson.

Hindenburg’s report, published on August 10, 2024, marks a continuation of its efforts to scrutinise the Adani Group, which the research firm previously described as operating “the largest con in corporate history.” The latest allegations target SEBI and its Chairperson directly, suggesting a conflict of interest stemming from the Buchs’ alleged investments in offshore funds linked to Adani. The report also criticises SEBI’s actions, particularly its handling of regulatory changes benefiting Blackstone, a multinational financial conglomerate.

Read also: Madhabi, Dhaval’s Detailed Response to Hindenburg: “Instead Of Replying To Show Cause…”

The Congress leader has posed three important questions ‘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?”

Read also: Adani Group Refutes Hindenburg Claims

“It is now abundantly clear why Prime Minister Modi is so afraid of a JPC probe and what it might reveal,” Mr Gandhi added.

In response to explosive allegations by Hindenburg Research, the SEBI has released a detailed statement categorically rejecting claims of regulatory favouritism and conflicts of interest within its operations. The statement, issued on August 11, 2024, comes on the heels of Hindenburg’s latest report, which accuses SEBI Chairperson Madhabi Buch and her husband, Dhaval Buch, of holding stakes in offshore funds tied to the Adani Group’s alleged money-laundering scandal.

Read also: Congress Has A Theory On Why Parliament Was Adjourned Sine Die On August 9

SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, have also released a detailed statement addressing claims of a conflict of interest involving their alleged stakes in offshore funds tied to the Adani Group’s money-laundering scandal. The couple refuted the allegations on Sunday, a day after the Hindenburg Report released, and assured transparency and provided a comprehensive defense detailing their decades long career and business deals.

Read also: SEBI Under Fire As Hindenburg Report Ignites Storm: Top Leaders React

Madhabi Buch and her husband dismissed the accusations of holding stakes in offshore funds linked to the Adani Group, labeling the claims as “malicious and motivated.” They clarified that the investments in question were made in 2015, two years before Madhabi’s appointment as a Whole-Time Member of SEBI. The investment was made through IPE Plus Fund 1, a Mauritius-registered offshore fund. The Buchs stressed that this investment decision was driven by Dhaval’s long-time friendship with the fund’s Chief Investment Officer, Anil Ahuja, who had a credible career in investing.