'Transfer Adani Case To CBI Or SIT, JPC To Investigate Modani MegaScam': Congress On Hindenburg's Allegations Against SEBI

After statements of the Securities and Exchange Board of India (SEBI) and its Chairperson Madhabi Puri Buch denying Hindenburg Research's allegations, Congress raised another set of questions.

Congress general secretary Jairam Ramesh alleged that the SEBI has yet not completed two of the 24 investigations into the Adani Group, while the regulator has said that only one investigation is left, that too, is close to completion.

"The illusion that the SEBI chairperson and her husband had separated their finances has been shattered," Ramesh said alleging that Buch transacted in the fund from her personal email account.

He questioned, "Did the SEBI Chairperson recused herself from the Adani investigations? Do these conflicts of interest explain the prolonged investigation? How can a match proceed if the Umpire herself is compromised?"

"The path forward is to immediately convene a Joint Parliamentary Committee (JPC) to investigate the full extent of the Modani MegaScam," Ramesh concluded his statement on behalf of the Congress.

He also wrote to Buch and brought her attention towards the investments of Life Indsurance Corporation (LIC) and State Bank of India (SBI) in Adani group and the inclusion of Adani in NSE's Nifty 50 index.

"Is it not SEBI's responsibility to ensure that index investors are protected from investing in questionable firms?" Ramesh said adding that public sector financial institutions should be more conservative.