On Sunday, Rahul Gandhi, the Leader of Opposition in the Lok Sabha and a prominent Congress leader, directed sharp criticism at Prime Minister Narendra Modi and industrialist Gautam Adani following fresh allegations by Hindenburg Research. Gandhi questioned why SEBI Chairperson Madhabi Puri Buch had not resigned yet amidst these claims.
In a video message posted on X, Gandhi argued that the credibility of SEBI, the regulatory body responsible for protecting small retail investors, has been severely undermined by the allegations against its Chairperson. He drew an analogy to an international cricket match, stating, “(Imagine) an international cricket match between India and Australia, and every single person who is watching the match and those playing the match know that the umpire is compromised. What would happen to the match? What would happen to the fairness of the match and the outcome? How would you feel as somebody who is participating in the match? This is exactly what is happening in the Indian stock market.”
Watch the video here:
#WATCH | Lok Sabha LoP and Congress MP Rahul Gandhi says, "…It is my duty as Leader of Opposition to bring to your notice that there is a significant risk in the Indian stock market because the institutions that govern the stock market is compromised…A very serious allegation… pic.twitter.com/YcqKwkaNXI
— ANI (@ANI) August 11, 2024
Addressing the government, Gandhi posed several pressing questions: “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?”
Rahul Gandhi also implied that Prime Minister Modi’s resistance to a Joint Parliamentary Committee (JPC) probe into the matter suggests an attempt to conceal potentially damaging revelations.
Hindenburg Research has alleged that SEBI’s inaction against the Adani Group might be linked to Buch’s stakes in offshore funds associated with the conglomerate.