New Delhi: The Congress has announced a nationwide protest on August 22, demanding the resignation of SEBI Chief Madhabi Puri Buch and the formation of a Joint Parliamentary Committee (JPC) to investigate the Adani issue. This decision comes amidst the ongoing controversy triggered by allegations from Hindenburg Research against the SEBI Chairperson.
The announcement was made following a meeting led by Congress President Mallikarjun Kharge, which included general secretaries, state unit chiefs, and AICC state in-charges. The meeting focused on election preparedness and key national issues.
Kharge, in a post on X (formerly Twitter), emphasized the need for a thorough investigation into the alleged nexus between SEBI and Adani, stating that the security of small investors in the stock market must not be compromised. He urged the Modi government to seek the resignation of the SEBI Chairperson and establish a JPC to investigate the matter.
Congress General Secretary K.C. Venugopal briefed reporters after the meeting, confirming the party’s decision to hold a nationwide agitation on August 22.
The controversy began when Hindenburg Research, on August 10, accused SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, of having stakes in offshore funds involved in the alleged Adani money-laundering scandal. These allegations have sparked a political dispute, with Congress and other INDIA bloc parties calling for Buch’s removal and a JPC probe, while the BJP has accused the opposition of attempting to create financial instability.
Madhabi Puri Buch and her husband have dismissed the accusations as baseless, arguing that Hindenburg Research is attacking SEBI’s credibility rather than addressing a showcause notice issued to it for “violations in India.” SEBI has stated that the allegations against the Adani Group were “duly investigated” and that the Chairperson recused herself from matters involving potential conflicts of interest when necessary. The Adani Group has also denied the charges, describing them as malicious and based on manipulated public information, and asserting that it has no commercial ties with the SEBI Chairperson or her husband.
