Congress to protests nationwide on August 22, demands SEBI chief's resignation after Hindenburg research

New Delhi: In a key meeting led by Congress President Mallikarjun Kharge on Tuesday, the party adopted a resolution to hold a nationwide agitation on August 22, demanding the resignation of Sebi Chairperson Madhabi Puri Buch. This follows allegations made by the US-based firm Hindenburg Research, accusing Buch of a conflict of interest that allegedly prevented her from taking action against the Adani Group.

The upcoming agitation will feature demonstrations at all Enforcement Directorate offices across the states, as part of a broader campaign to address what the Congress describes as serious lapses in the investigation of the Adani Group by the Securities and Exchange Board of India (SEBI). The decision was reached during a high-level meeting at the All India Congress Committee (AICC) headquarters, which included general secretaries, in-charges, and PCC presidents.

Congress protests raise  

In addition to demanding Buch's resignation, the Congress party has called for immediate government action to address potential conflicts of interest in Sebi's probe into the Adani Group. The party is also urging the formation of a Joint Parliamentary Committee (JPC) to fully investigate what it refers to as a "scam" involving senior officials. Hindenburg Research, which had previously made serious allegations against the Adani Group, released a new blog post on Saturday targeting Sebi Chairperson Buch. The post accused Buch and her husband of holding undisclosed stakes in offshore funds allegedly involved in the Adani money laundering scheme.

The firm also criticized Sebi for its lack of enthusiasm in investigating the Adani Group’s alleged network of shell companies based in Mauritius and other offshore locations. "Sebi has shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities," the Hindenburg report stated.