On Sunday, Rahul Gandhi, the Leader of Opposition in the Lok Sabha and a prominent Congress leader, escalated his criticism of Prime Minister Narendra Modi and industrialist Gautam Adani amid fresh allegations from Hindenburg Research. Gandhi's comments were made in response to ongoing scrutiny of the Securities and Exchange Board of India (SEBI), particularly its Chairperson, Madhabi Puri Buch.

In a pointed post on X (formerly Twitter), Rahul Gandhi questioned why SEBI Chairperson Madhabi Puri Buch had not resigned, given the serious allegations levied by Hindenburg. Gandhi drew a comparison to an international cricket match, where the integrity of the umpire is compromised, suggesting that such a situation undermines the fairness and outcome of the match. He argued that the same holds true for the Indian stock market, implying that the current regulatory environment is flawed.

Gandhi further criticized the Prime Minister and SEBI Chairperson for their alleged roles in the scandal. He posed the question: “If investors lose their hard-earned money, who will be held accountable—PM Modi, the SEBI Chairperson, or Gautam Adani?” Gandhi also hinted at the possibility of the Supreme Court revisiting the matter suo moto (on its own accord) in light of the new allegations.

Congress Chief Mallikarjun Kharge echoed Gandhi's sentiments, demanding a Joint Parliamentary Committee (JPC) inquiry into the alleged scandal. Kharge's call for a JPC probe comes in response to Hindenburg's claims that SEBI’s reluctance to take action against the Adani group could be linked to Buch’s financial connections with offshore funds. Kharge highlighted concerns for small and medium investors, stressing the need for a thorough investigation to ensure their protection.

In response, SEBI has advised investors to remain calm and exercise due diligence before reacting to reports like those from Hindenburg Research. The regulatory body seeks to manage investor sentiment amid the controversy.

Madhabi Puri Buch and her husband, Dhaval Buch, have publicly addressed the allegations. They have described the claims as attempts to undermine SEBI’s credibility and as a form of character assassination against the SEBI chairperson.

As the controversy continues, the calls for transparency and accountability within SEBI and the broader regulatory framework underscore the ongoing debate about the integrity of India's financial markets.

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