'The umpire is compromised': Rahul Gandhi questions SEBI's integrity, attacks PM Modi, Adani after Hindenburg's 'explosive allegations'

Rahul Gandhi

Leader of the Opposition and Congress leader Rahul Gandhi, on Sunday, expressed serious concerns over the integrity of SEBI, following allegations against its chairperson, Madhabi Puri Buch. His remarks came a day after US short-seller Hindenburg Research made serious accusations against Buch and her husband.

In a video posted on X, Gandhi questioned why SEBI Chairperson Buch has not yet resigned in light of the allegations detailed in Hindenburg's latest report. "The umpire (SEBI chief) herself is severely compromised," he said.

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.

Honest investors across the country have pressing questions for the government: - Why… pic.twitter.com/vZlEl8Qb4b — Rahul Gandhi (@RahulGandhi) August 11, 2024

Gandhi said that as the Leader of the Opposition, it is his responsibility to alert honest and retail investors about potential issues. He also said that investors nationwide have urgent questions for the government, particularly asking, “Why hasn’t SEBI Chairperson Madhabi Puri Buch resigned yet?”

"If investors lose their hard-earned money, who will be held accountable — PM Modi, the SEBI Chairperson, or Gautam Adani? In light of the new and very serious allegations that have surfaced, will the Supreme Court look into this matter suo moto once again?” he asked.

"It is now abundantly clear why Prime Minister Modi is so afraid of a JPC probe and what it might reveal," he added.

Hindenburg Research has alleged that SEBI's reluctance to take action against the Adani Group might be due to Chairperson Madhabi Puri Buch’s stakes in offshore funds associated with the conglomerate.