The Opposition has sharply criticized the recent Hindenburg Research report, which has levelled serious allegations against Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India (SEBI), and her husband. The Congress party and other opposition leaders have called for an immediate investigation into these allegations.

 Congress Demands Joint Parliamentary Committee Probe

Congress General Secretary Jairam Ramesh, speaking on behalf of the party, highlighted SEBI’s “strange reluctance” to investigate what he referred to as the “Adani MegaScam.” In a statement issued on X (formerly Twitter), he said, “SEBI’s strange reluctance to investigate the Adani MegaScam has been long noted, not least by the Supreme Court’s Expert Committee. That Committee had pointed out in its report that SEBI had in 2018 diluted and, in 2019, entirely deleted the reporting requirements relating to the ultimate beneficial (i.e. actual) ownership of foreign funds,” Ramesh said in the statement.

Ramesh further questioned two 2022 meetings between Gautam Adani and Buch, which occurred shortly after she assumed her role as SEBI chairperson. He called for a Joint Parliamentary Committee (JPC) to probe the matter thoroughly.

The Congress party has further alleged that Prime Minister Narendra Modi is conspiring to protect Gautam Adani, whom they refer to as his “best friend.” In a statement, the party claimed that the investigation into the Adani mega scam was compromised because the SEBI chief herself is implicated. The statement asserted that only a JPC could properly investigate this “mega scam,” but accused the Modi government of obstructing such a probe.

Congress’ media and publicity department head Pawan Khera said on Sunday that the shocking revelations of the Hindenburg Report do not just expose the “cozy relationship” between the SEBI chief and the Adani group, they show how appointments to watchdog institutions are made in this government.

“A simple due diligence done by the government before appointing Ms Madhabi Puri Buch as SEBI Chairperson would have brought these damning details out,” he said in a post on X. It would be naive to believe that those in the government were not aware of these offshore investments of Madhabi Puri Buch and Dhaval Buch, Khera said. “The buck stops at the doorstep of the Prime Minister of India. Only a JPC can get all the answers,” he asserted.

Mahua Moitra Accuses SEBI Chair of Conflict of Interest

Trinamool Congress MP Mahua Moitra also weighed in on the controversy, accusing Buch of having a vested interest in Adani’s business dealings. In a post on X, Moitra claimed that “in true Adani style, even the SEBI chairman is an investor in his group.” She described this as “crony capitalism at its finest” and urged the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) to investigate potential money laundering activities.

 AAP’s Manish Sisodia Questions Central Agencies’ Integrity

AAP leader Manish Sisodia, recently released on bail after nearly 17 months in jail, criticized the central government and its investigative agencies over the new allegations. In a post on X, Sisodia questioned whether the ED and CBI would have the “courage” to investigate these claims, or whether they were only used to target opposition leaders and non-compliant businessmen. “Will ED and CBI ever show the courage to investigate this? Or are ED and CBI only there to trap opposition leaders and businessmen who do not pay donations in false cases and send them to jail?,” he said.

The new Hindenburg report and the Opposition’s strong reactions have intensified the ongoing debate over the Adani Group’s dealings and the role of regulatory bodies in India.