BJP MP Ravi Shankar Prasad Criticizes Opposition Over Hindenburg Report Allegations
New Delhi, India – BJP MP Ravi Shankar Prasad has criticized the opposition’s reaction to the Hindenburg report, which made allegations against SEBI chairperson Madhabi Buch. He accused the Congress party and its allies of trying to create economic instability in India.
Prasad stated, “After being rebuffed by the people of India, the Congress party, its allies, and the toolkit gang have conspired together to usher in economic anarchy and instability in India. Hindenburg report is released on Saturday, there is uproar on Sunday so the capital market is destabilized on Monday. India is a safe, stable, and promising market in the shares as well. It is SEBI’s legal responsibility to ensure that the market runs smoothly.”
He also mentioned that SEBI had issued a notice against Hindenburg after a thorough inquiry supervised by the Supreme Court. Prasad accused the opposition of trying to tarnish Prime Minister Narendra Modi’s image and spreading false information based on the Hindenburg report.
Earlier, Congress leader Rahul Gandhi expressed concerns about the integrity of SEBI and the potential risks to the Indian stock market. He questioned who would be held accountable if investors lost their money.
The Hindenburg report alleged that SEBI chairperson Madhabi Buch and her husband had stakes in offshore funds involved in the Adani money siphoning scandal. However, Buch and her husband denied these allegations, calling them baseless and malicious.
In January 2023, Hindenburg had published a report accusing the Adani Group of financial irregularities, which led to a significant drop in the group’s stock prices. The Supreme Court later cleared the Adani group of these allegations and directed SEBI to complete its probe into two pending cases within three months.
Doubts Revealed
BJP -: BJP stands for Bharatiya Janata Party. It is one of the major political parties in India.
MP -: MP stands for Member of Parliament. It is a person who has been elected to represent the people in the Parliament.
Ravi Shankar Prasad -: Ravi Shankar Prasad is a politician from the BJP and has held various important positions in the Indian government.
Opposition -: The opposition refers to the political parties that are not in power and often criticize the ruling party’s actions.
Hindenburg Report -: The Hindenburg Report is a document that made allegations of misconduct against certain people, including SEBI chairperson Madhabi Buch.
SEBI -: SEBI stands for Securities and Exchange Board of India. It is the organization that regulates the stock market in India.
Madhabi Buch -: Madhabi Buch is the chairperson of SEBI, the organization that oversees the stock market in India.
Congress party -: The Congress party is another major political party in India, often in opposition to the BJP.
Rahul Gandhi -: Rahul Gandhi is a leader of the Congress party and often speaks out against the BJP.
Adani scandal -: The Adani scandal refers to allegations of financial misconduct involving the Adani Group, a large business conglomerate in India.
Supreme Court -: The Supreme Court is the highest court in India. It makes important decisions on legal matters.