Rahul Gandhi Raises Concerns Over SEBI Chairperson Amid Adani Allegations
New Delhi, India, August 11: Rahul Gandhi, the Leader of Opposition in the Lok Sabha, has expressed serious concerns about the integrity of the Indian stock market. He alleged that the Securities and Exchange Board of India (SEBI) has been compromised due to allegations against its chairperson, Madhabi Buch.
Gandhi questioned who would be held accountable if investors lost their money, mentioning Prime Minister Modi, the SEBI Chairperson, and Gautam Adani. His comments followed a report by Hindenburg Research, which claimed that Buch and her husband had stakes in offshore funds involved in an alleged Adani money siphoning scandal.
In a post on his official handle on X, Gandhi stated, “The integrity of SEBI, the securities regulator entrusted with safeguarding the wealth of small retail investors, has been gravely compromised by the allegations against its Chairperson.” He also demanded to know why Buch had not resigned and called for the Supreme Court to investigate the matter.
Gandhi used a cricket analogy to explain the situation, comparing the compromised SEBI to an unfair umpire in a match. He emphasized the risk to the savings of millions of Indians and called for an investigation into the matter.
Meanwhile, Madhabi Buch and her husband denied the allegations, calling them baseless and malicious. They stated that their finances were transparent and that they had complied with all disclosure requirements.
Hindenburg’s report alleged that the Buchs had hidden stakes in offshore funds used by Vinod Adani. This follows a previous report by Hindenburg in January 2023, which accused the Adani Group of financial irregularities. The Supreme Court has since given a clean chit to the Adani group and directed SEBI to complete its probe into pending cases.
Doubts Revealed
Rahul Gandhi -: Rahul Gandhi is a well-known Indian politician and a member of the Indian National Congress party. He is also the Leader of Opposition in the Lok Sabha, which is the lower house of India’s Parliament.
SEBI -: SEBI stands for the Securities and Exchange Board of India. It is a government agency responsible for regulating the stock market and protecting investors in India.
Chairperson -: A chairperson is the leader or head of an organization or committee. In this case, Madhabi Buch is the chairperson of SEBI.
Adani Group -: The Adani Group is a large Indian multinational company involved in various industries like energy, resources, logistics, and agriculture. It is owned by Gautam Adani.
Offshore funds -: Offshore funds are investments made outside of one’s home country. They are often used to diversify investments and sometimes for tax benefits.
Lok Sabha -: Lok Sabha is the lower house of India’s Parliament, where elected representatives discuss and make laws. It is similar to the House of Commons in the UK or the House of Representatives in the USA.
Hindenburg Research -: Hindenburg Research is a financial research firm that investigates companies and publishes reports on their findings. They previously accused the Adani Group of financial irregularities, which means they think the company might be doing something wrong with its money.
Financial irregularities -: Financial irregularities refer to actions that are not in line with standard financial practices. This can include things like fraud, misreporting of finances, or other dishonest activities related to money.
