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Informist, Sunday, Aug 11, 2024

MUMBAI – Congress has demanded that a Joint Parliamentary Committee investigate the allegations by Hindenburg Research against the Securities and Exchange Board of India's Chairperson Madhabi Puri Buch. The US-based short seller, in its latest report on Saturday, alleged that Buch held stake in the same offshore funds used by Vinod Adani, the brother of Adani Group Chairman Gautam Adani, to siphon money out of India.

"It is shocking that Buch would have a financial stake in these same funds," Jairam Ramesh, General Secretary (Communications) of All India Congress Committee, said in a statement posted on X, formerly Twitter. "The government must act immediately to eliminate all conflicts of interest in the SEBI investigation of Adani."

He said the report's findings raise fresh questions about Gautam Adani's two meetings with Buch in 2022, shortly after Buch became SEBI chairperson. "Recall that SEBI was supposedly investigating Adani transactions at that time," he said.

Hindenburg Research's allegations on Saturday came two months after it received a showcause notice from the SEBI in relation to the short-seller's positions in Adani group stocks. In January 2023, Hindenburg Research came into the limelight in India after it accused the Adani group of illegally taking money out of the country through offshore funds and manipulating stock prices in India.  End

Reported by Anshul Choudhary

Edited by Ashish Shirke

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