Congress Leader Jairam Ramesh Calls for Probe into SEBI Chairperson Amid Adani Allegations
New Delhi [India], August 12: Congress General Secretary Jairam Ramesh has reiterated his demand for a Joint Parliamentary Committee (JPC) probe into allegations against SEBI Chairperson Madhabi Buch. This follows claims by US-based short seller Hindenburg Research that Buch and her husband had stakes in offshore funds linked to the Adani Group scandal.
Ramesh criticized SEBI’s statement on its ongoing investigations into the Adani Group’s financial transactions, emphasizing that actions matter more than activities. He noted that despite SEBI’s extensive efforts, the core issues remain unaddressed.
Ramesh referenced a letter he wrote to the SEBI Chairperson in February 2023, urging the agency to fulfill its role in safeguarding India’s financial markets. He highlighted that SEBI’s delayed investigation has allowed the Prime Minister to avoid addressing his role in the alleged activities of his close friend.
Ramesh also pointed out that SEBI’s slow pace in concluding its investigations has raised questions about the agency’s integrity. He called for the Supreme Court to transfer the investigation to the CBI or a Special Investigation Team (SIT) and demanded the SEBI Chairperson’s resignation to restore the agency’s credibility.
Meanwhile, Union Minister Arjun Ram Meghwal criticized the Hindenburg report, suggesting that it was an attempt to stall India’s development. SEBI Chairperson Buch and her husband have denied the allegations, calling them baseless and malicious.
The Supreme Court has given a clean chit to the Adani Group and directed SEBI to complete its probe into two pending cases within three months.
Doubts Revealed
Congress -: Congress is a major political party in India. It has been one of the oldest and most influential parties in the country.
Jairam Ramesh -: Jairam Ramesh is a senior leader in the Congress party. He is known for his work in politics and environmental issues.
SEBI -: SEBI stands for Securities and Exchange Board of India. It is a government agency that regulates the stock market and protects investors.
Chairperson -: A Chairperson is the head of an organization or committee. In this case, Madhabi Buch is the head of SEBI.
Adani Group -: The Adani Group is a large Indian company involved in various industries like energy, resources, logistics, and agriculture.
Hindenburg Research -: Hindenburg Research is a company that investigates and reports on financial fraud and other issues in businesses.
Joint Parliamentary Committee (JPC) -: A Joint Parliamentary Committee (JPC) is a group of members from both houses of India’s Parliament. They come together to investigate important issues.
Offshore funds -: Offshore funds are investments made outside of one’s home country. They are often used to manage money and reduce taxes.