Sanctity of SEBI destroyed, hard-earned savings of millions jeopardised: Congress

Congress accuses PM Modi of jeopardizing SEBI's integrity, linking Adani Group to regulatory bodies, demanding JPC probe.

Mounting an all-out offensive against the Securities and Exchange Board of India (SEBI) chairperson Madhabi Buch, the Congress on Tuesday (October 29, 2024) accused Prime Minister Narendra Modi of “destroying” the SEBI’s sanctity and “jeopardising” the hard-earned savings of crores of small and medium investors.

Leader of Opposition in the Lok Sabha, Rahul Gandhi, said the “Monopoly Bachao Syndicate” was at work, at the core of which was a “dangerous” nexus among the Adani Group, key regulatory bodies, and the BJP led by Mr. Modi.

Congress President Mallikarjun Kharge, in a post on X, said the sanctity of India’s stock markets regulator has been compromised. “Narendra Modi ji, you cannot shield the rot created in SEBI under the chairperson appointed by you. The continuing barrage of exposes makes her position untenable. You have destroyed the sanctity of SEBI -- India’s market regulator, painstakingly created over the years, thereby jeopardising the hard-earned savings of crores of small and medium investors!” Mr. Kharge said.

“It also unmasks how you engineered a monopoly for your dear friend Adani! A thorough JPC is required to probe every aspect of this syndicate!” the Congress chief added.

In his post on YouTube along with a video, Mr. Gandhi alleged that the Adani Defence website reveals how the company profits by merely “rebranding foreign-made weapons”, while crucial funds meant for training, pensions and the welfare of young soldiers and their families are diverted through schemes like Agniveer.

“This betrayal compromises national security and jeopardises our youth’s future,” he said, adding, “Previously, we exposed how the ‘Adani Bachao Syndicate’ thrives through the complicity of institutions like SEBI under Madhubi Buch, who is accused of manipulating the system to protect Adani’s inflated valuations”.

In a separate post on X, Mr. Gandhi said, “Monopoly Bachao Syndicate! Monopoly in Airports. Monopoly in Ports. Monopoly in Cement. Monopoly in Power. Monopoly in Defence too. Whatever sector Adani wants, Syndicate tries to get him a monopoly.”