Chicago – August 11, 2024
On Sunday, Rahul Gandhi, the Leader of the Opposition in the Lok Sabha, expressed concerns about the integrity of SEBI, India’s market regulator. He said SEBI’s reputation has been “gravely compromised” following allegations against its chairperson, Madhabi Puri Buch. Gandhi questioned whether the Supreme Court would look into this matter again.
These remarks came after U.S. short-seller Hindenburg Research accused SEBI’s chairperson and her husband of having stakes in offshore funds linked to the Adani money siphoning scandal. Gandhi also criticized Prime Minister Narendra Modi, suggesting that this explains why the Prime Minister is reluctant to support a Joint Parliamentary Committee (JPC) investigation.
In a post on X, Gandhi asked why SEBI Chairperson Madhabi Puri Buch has not resigned yet and who would be held responsible if investors lose money—PM Modi, the SEBI Chairperson, or Gautam Adani. He emphasized his duty to inform the public about the “significant risk” to the Indian stock market.
