Hindenburg Research report: Left parties seek SEBI chief resignation

NEW DELHI: In view of the Hindenburg Research report accusing SEBI chief Madhabi Puri Buch and her husband, Dhaval Buch of conflicts of interest and questionable financial dealings linked to offshore entities, the Left parties on Sunday sought the resignation of the head of the principal regulator of the securities market in India.

The Communist Party of India (CPI) general secretary D Raja said that Hindenburg revelations show a conflict of interest, and the SEBI chief must step down for an impartial probe into alleged wrongdoings. They have also demanded a Joint Parliamentary Committee (JPC) investigation for an impartial probe.

“The Hindenburg Research Group, which had raised serious allegations of business malpractices and corporate scams involving the Adani Group, has now alleged that the current Chairperson of SEBI Madhabi Buch and her spouse have business interests in one of the entity involved in the murky deals of the Adani Group. While SEBI is the agency probing charges against Adani, with no success, its chairperson having a stake in the allegedly corrupt entities raises a crucial question of conflict of interests” Raja said.

Referring further to the development, he also trained his guns on the Bharatiya Janata Party (BJP) and the central government.

“These revelations have exposed that the BJP’s tirade against corruption is only lip services and they are involved in protecting the Adani Group at all levels. All this clearly shows that Prime Minister Narendra Modi and the BJP are serving to further the interests of corporates and are shielding the business group by making an individual with substantial financial interest in the Adani deals in charge of the investigation,” he posted on ‘X’

The CPI-Marxist also said that charges against the head of the regulatory authority are serious therefore she must step aside till a proper investigation is conducted.

“The Polit Bureau of the CPIM reiterates its demand that the entire affair of the stock market manipulation of shares of the Adani group be probed by setting up a Joint Parliamentary Committee,” read the party statement.

The general secretary of CPI (Marxist–Leninist) Liberation Dipankar Bhattacharya said that SEBI couldn’t be expected to probe the Adani group and hence sought a JPC probe.

“Hindenburg report now shows the involvement of SEBI chairperson in Adani shares. SEBI clearly cannot be expected to probe Adani group’s monumental corporate fraud. SEBI chairperson must be removed and the Adani probe handed over to a Joint Parliamentary Committee. #HindenburgResearch,” he wrote on ‘X’.