Congress and Trinamool Question SEBI Over Adani Scandal Allegations
New Delhi, India – The Congress party has raised concerns about SEBI’s reluctance to investigate the Adani MegaScam, using the Latin phrase ‘Quis Custodiet Ipsos Custodes’ which means ‘Who will guard the guards themselves?’. This follows a new report by Hindenburg Research alleging that SEBI Chairperson Madhabi Puri Buch and her husband had stakes in offshore entities involved in the scandal.
Congress Demands Action
Congress General Secretary Jairam Ramesh posted the Latin phrase on X, calling for the government to eliminate conflicts of interest in the SEBI investigation. The party suggested setting up a Joint Parliamentary Committee (JPC) to investigate the matter.
Trinamool Congress Joins In
Trinamool Congress leader Mahua Moitra also criticized SEBI, calling it ‘Crony Capitalism at its finest’ and questioned if legal actions would be taken.
Hindenburg’s Allegations
Hindenburg Research’s report, based on whistleblower documents, claimed that Madhabi Buch and her husband had hidden stakes in offshore funds used by Adani. The report suggested that Adani’s confidence in avoiding regulatory intervention might be due to this relationship.
Background
In January 2023, Hindenburg accused the Adani Group of financial irregularities, leading to a significant drop in the company’s stock price. The Adani group has denied all accusations.
Doubts Revealed
Congress -: Congress is one of the major political parties in India. It has been around for a long time and has had many leaders who have become Prime Ministers of India.
Trinamool Congress -: Trinamool Congress is another political party in India, mainly active in the state of West Bengal. It is led by Mamata Banerjee.
SEBI -: SEBI stands for Securities and Exchange Board of India. It is a government agency that regulates the stock market and protects investors.
Adani Scandal -: The Adani Scandal refers to allegations of financial wrongdoing by the Adani Group, a large business conglomerate in India.
Hindenburg Research -: Hindenburg Research is a company that investigates and reports on financial frauds and wrongdoings by big companies.
Madhabi Puri Buch -: Madhabi Puri Buch is the Chairperson of SEBI, the agency that oversees the stock market in India.
Joint Parliamentary Committee -: A Joint Parliamentary Committee is a group of members from both houses of India’s Parliament who come together to investigate important issues.
Mahua Moitra -: Mahua Moitra is a politician from the Trinamool Congress party. She is known for speaking out on various issues in India.
Crony Capitalism -: Crony capitalism is when businesses get unfair advantages because of their close relationships with government officials.
Adani Group -: The Adani Group is a large company in India that works in many areas like energy, resources, logistics, and agriculture.
