Hindenburg Allegations Against SEBI Chair Madhabi Puri Buch Fuel Adani Group Controversy

Aug 12, 2024, 01:50 AM

The recent allegations by U.S.-based short-seller Hindenburg Research against the Securities and Exchange Board of India (SEBI) and its Chairperson Madhabi Puri Buch have sparked significant political and financial debate in India. The Congress party, led by Rahul Gandhi, has demanded a Joint Parliamentary Committee (JPC) probe into the allegations, citing concerns about conflicts of interest in SEBI's ongoing investigation into the Adani Group. The BJP, on the other hand, has dismissed the allegations as attempts to destabilize India's financial system, accusing the opposition of using foreign reports for political gain. SEBI has urged investors to remain calm and conduct due diligence. The controversy has affected market sentiment, with fluctuations observed in the Sensex and Nifty indices. The mutual fund industry, represented by AMFI, has expressed support for SEBI's leadership, while prominent figures like Rahul Gandhi have questioned the integrity of India's stock market regulatory framework.