In the wake of the US short-seller Hindenburg Research levelling allegations against Sebi chairperson Madhabi Buch, the Congress on Saturday demanded the Centre act immediately to eliminate all conflicts of interest in the regulator’s investigation of the Adani Group. The opposition party also said the “seeming complicity of the highest officials of the land” can only be resolved by setting up a Joint Parliamentary Committee to investigate the full scope of the “scam”.
No immediate comments were available from Securities and Exchange Board of India, whose X account was also found ‘locked’ with posts inaccessible to all non-followers.
In a statement on the development, Congress general secretary in-charge communications Jairam Ramesh said that the Sebi’s “strange reluctance to investigate the Adani mega scam” has been long noted, not least by the Supreme Court’s Expert Committee. ..
The politician added, “Under public pressure, after the Adani horse had bolted, SEBI’s board reintroduced stricter reporting rules on 28 June 2023. It told the Expert Committee on 25 August 2023 that it was investigating 13 suspicious transactions. Yet the investigations never bore fruit.”
He said that the the Hindenburg Research’s Saturday revelations show that Buch and her husband invested in the same Bermuda and Mauritius-based offshore funds in which “Vinod Adani and his close assoc ..
