जनभावना टाइम्स ਇੰਡੀਆ ਡੇਲੀ ਪੰਜਾਬੀ इंडिया डेली लाइव

Congress demands JPC probe into allegations of quid pro quo between Adani and SEBI chief Madhabi Buch

Congress leaders Mallikarjun Kharge and Rahul Gandhi alleged a quid pro quo between the Adani Group and SEBI chief Madhabi Buch, urging the formation of a Joint Parliamentary Committee (JPC) to investigate the matter. Rahul Gandhi called for Buch's resignation and raised concerns about the Supreme Court's role in the issue.

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Rahul Gandhi - Madhabi Buch

Rahul Gandhi and Madhabi Buch (ANI)

New Delhi: In the wake of fresh claims from the Hindenburg report, Congress president Mallikarjun Kharge and Rahul Gandhi on Sunday intensified their demand for a Joint Parliamentary Committee (JPC) to investigate allegations of a quid pro quo between the Adani Group and SEBI chief Madhabi Buch. They warned that the investments of small and medium investors are at serious risk, urging the government to act swiftly.

Rahul Gandhi Calls for SEBI Chief’s Removal

Rahul Gandhi took a strong stance, calling for the immediate sacking of the SEBI chief and questioning whether the Supreme Court will revisit the matter. The Aam Aadmi Party (AAP) also joined the fray, with demands for Prime Minister Narendra Modi's resignation over the issue.

Taking it to his official X handle, Rahul Gandhi in a video message asked several 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?

SP Chief Urges Comprehensive Investigation

The Samajwadi Party (SP) chief expressed his concerns on X, formerly known as Twitter, stating that SEBI has historically failed to protect investors. He called for a comprehensive and impartial investigation to restore confidence in India's financial markets. "Only an impartial investigation can restore SEBI’s reputation and instill a sense of security in investing in the Indian markets," he wrote.

Kharge Criticizes SEBI’s Previous Clearance of Adani

Kharge did not hold back in his criticism, labeling Adani a close associate of PM Modi. He reminded the public that SEBI had previously cleared Adani following the initial Hindenburg report in January 2023. "A JPC inquiry is imperative to investigate this massive scandal. Until then, concerns persist that PM Modi will continue to shield his ally, compromising India’s constitutional institutions," he said.

Concerns Over SEBI’s Reluctance to Investigate

Congress spokesperson Jairam Ramesh highlighted that the Supreme Court’s expert panel had noted SEBI’s unusual reluctance to probe the Adani case. He pointed out that SEBI had diluted and eventually removed the reporting requirements for the ultimate beneficial ownership of foreign funds in 2018 and 2019, respectively. This, he argued, hindered the expert panel’s ability to uncover the full extent of the irregularities.

AAP’s Sanjay Singh Doubts SEBI’s Credibility

AAP leader Sanjay Singh also questioned the credibility of SEBI’s reports to the Supreme Court on the Adani investigation. He urged the Court to take cognizance of the situation, stating, "Any statement or report made by the SEBI chief in the SC on Adani’s probe has no meaning. The truth has been hidden from the Court."

Congress Spokesperson Questions Government's Actions

Congress spokesperson Supriya Shrinate raised further concerns, asking whether the government curtailed the Budget session of Parliament in anticipation of the Hindenburg report's release.
 

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