Hindenburg row: Rahul Gandhi says integrity of SEBI 'gravely compromised'

Leader of Opposition in the Lok Sabha Rahul Gandhi on Sunday said the integrity of SEBI has been gravely compromised by the allegations against its chairperson and asked whether the Supreme Court would look into this matter suo motu once againThe Congress leader also attacked Prime Minister Narendra Modi over the Hindenburg row saying that it is now abundantly clear why PM Modi is so afraid of a joint parliamentary committee JPC probeHis remarks came after US shortseller Hindenburg Research on Saturday alleged that market regulator SEBI chairperson Madhabi Buch and her husband had stakes in obscure offshore funds used in the alleged Adani money siphoning scandalIn a post on X Rahul Gandhi said The integrity of SEBI the securities regulator entrusted with safeguarding the wealth of small retail investors has been gravely compromised by the allegations against its ChairpersonHonest investors across the country have pressing questions for the government Why hasnt SEBI Chairperson Madhabi Puri Buch resigned yet If investors lose their hardearned money who will be held accountable PM Modi the SEBI Chairperson or Gautam Adani the former Congress chief said while speaking about Hindenburg rowIn light of the new and very serious allegations that have surfaced will the Supreme Court look into this matter suo motu once again Gandhi askedIt is now abundantly clear why Prime Minister Narendra Modi is so afraid of a JPC joint parliamentary committee probe and what it might reveal he saidGandhi also posted his video statement on the issue in which he said that it is his duty as the Leader of Opposition to bring to peoples notice that there is a significant risk in the Indian stock market because the institution that governs the market is compromisedImagine you are watching an international cricket match between India and Australia and every single person who is watching the match and those playing the match know that the umpire is compromised What would happen to the fairness of the match what would happen to the outcomes How would you feel as somebody who is participating in the match Gandhi said in the videoThis is exactly what is happening in the Indian stock market he addedOver the last few years a larger and larger number of people have been investing in Indias stock market he saidThey invest their hardearned honestlyearned savings in the stock market and it is my duty as Leader of the Opposition to bring to your notice that there is a significant risk in the Indian stock market because the institution that governs the stock market is compromised he saidNow I am going to explain to you exactly how and why it is compromised A very serious allegation against the Adani group was illegal share ownership and price manipulation using offshore funds It has now emerged that the SEBI chairwoman Madhabi Buch and her husband had an interest in one of those funds This is an explosive allegation because it alleges that the umpire herself is compromised Gandhi saidThe savings of millions of Indians hard earned honestlyearned savings are at risk he saidIt is therefore imperative that this matter is investigated Gandhi assertedSecurities and Exchange Board of India SEBI Chairman Buch and her husband have denied the allegations as baseless and asserted their finances are an open bookSEBI said allegations against the Adani group have been duly investigated and Chairperson Buch disclosed and recused herself from time to time when dealing with mattersThe Adani group termed the latest allegations malicious and based on manipulation of select public information The company said it has no commercial relationship with the SEBI chairperson or her husband