Hindenburg report on SEBI chief: Congress reiterates its demand for JPC probe into ‘Modani Megascam’

The Congress on Monday (August 12, 2024) slammed the Modi government over the Hindenburg Research’s allegations against SEBI chairperson Madhabi Buch, demanding a JPC probe into “Modani Megascam involving the self-annointed non-biological PM and a perfectly biological businessman”.

The Congress on Monday (August 12, 2024) slammed the Modi Government over the Hindenburg Research’s allegations against SEBI chairperson Madhabi Buch, demanding a JPC probe into “Modani Megascam involving the self-annointed non-biological PM and a perfectly biological businessman”.

Also read | SEBI, its chief, spouse, others deny Hindenburg report allegations

Issuing a statement on X, formerly Twitter, Congress general secretary Jairam Ramesh said that on February 14, 2023, he had written to the SEBI chairperson urging SEBI to play its role as the steward of India’s financial markets on behalf of the crores of Indians. He claimed that he never received any response.

“On March 3, 2023, the Supreme Court directed SEBI to expeditiously conclude the investigation into allegations of stock manipulation and accounting fraud against the Adani Group within two months. Now, 18 months later, SEBI has revealed that a critical investigation, likely regarding whether Adani violated Rule 19A relating to minimum public shareholding, remains incomplete,” read the statement.

Mr. Ramesh alleged that the SEBI’s seeming inability to close two of its 24 investigations delayed the publication of its findings for over a year. “The delay conveniently allowed the PM to navigate the entire general election without addressing his role in facilitating his close friend’s illicit activities.”

“Despite the Adani Group’s claims of receiving a clean chit, SEBI has reportedly issued show-cause notices to several Adani companies concerning these allegations. However, slow pace of these investigations, especially compared to the swift justice that the Prime Minister’s investigative agencies usually deliver to Opposition leaders remain inexplicable. Moreover, recent revelations raise disturbing questions about SEBI’s integrity and conduct in investigating the Adani Megascam,” Mr. Ramesh alleged.

Leader of Opposition in the Lok Sabha Rahul Gandhi on Sunday (August 11, 2024) demanded a Joint Parliamentary Committee (JPC) inquiry into the charges against the Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch in the latest Hindenburg report.