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Hindenburg-Adani case: Congress has said the Prime Minister Narendra Modi-led government must act immediately to eliminate all conflicts of interest in the SEBI’s investigation of the Adani Group and reiterated its demand for a joint parliamentary committee probe into the matter. This comes after Hindenburg Research launched a broadside against SEBI chairperson Madhabi Buch and her husband on Sunday.<\/p>\n<\/div>\n
US short seller firm Hindenburg Research in their latest investigative report alleged that SEBI chairperson Madhabi Puri Buch and her husband Dhaval Buch had \u201cstake in obscure offshore funds\u201d used in the Adani money siphoning scandal.<\/p>\n<\/div>\n
In a blogpost, Hindenburg said 18 months since its damning report on Adani, \u201cSEBI has shown a surprising lack of interest in Adani’s alleged undisclosed web of Mauritius and offshore shell entities.\u201d<\/p>\n<\/div>\n
SEBI Chairman Buch and her husband have denied the allegations levelled against them as baseless and asserted that their finances are an open book.<\/p>\n<\/div>\n
In January 2023, Hindenburg Research published a report accusing the Adani Group of engaging in market irregularities and stock market manipulation. The report sparked significant controversy and scrutiny. In response, the Adani Group and Gautam Adani repeatedly and vehemently denied these allegations.<\/p>\n<\/div>\n
Congress general secretary in-charge communications Jairam Ramesh said the SEBI’s “reluctance to investigate the Adani scam” has been long noted, not least by the Supreme Court’s Expert Committee.<\/p>\n<\/div>\n
Jairam Ramesh said the Committee noted that SEBI diluted the reporting requirements for ultimate beneficial ownership of foreign funds in 2018 and completely removed them in 2019.<\/p>\n<\/div>\n