Congress demands resignation of SEBI Chairperson amid Hindenburg allegations

The All India Congress Committee (AICC) has called for the resignation of Securities and Exchange Board of India (SEBI) Chairperson Ms. Madhabi Puri Buch following serious allegations made by the American research firm Hindenburg Research. The report accuses Ms. Buch and her husband of holding stakes in obscure offshore funds linked to the Adani money siphoning scandal.

The Congress party stated the necessity of an "objective, impartial, and fair investigation" into the allegations. They said that the integrity of SEBI, the nation's financial markets regulator, is at stake and that Ms. Buch’s recusal from daily operations is essential until the investigation is concluded.

The statement highlighted the backdrop of previous scandals, such as the Exit Poll stock market scam and the Adani money laundering case, underscoring SEBI's perceived inaction in these matters. The Congress dismissed attempts to discredit Hindenburg Research, pointing out that short-sellers have a financial stake in the accuracy of their claims.

"The integrity of India’s financial markets and the trust of 50 million Indian investors are paramount," said Praveen Chakravarty, spokesperson for the AICC. "An immediate, thorough investigation is needed to restore confidence and uphold the highest standards of ethical and legal conduct."

The party also criticized the broader issue of ethical standards in public life, noting concerns about the dual roles of members on the Economic Advisory Council to the Prime Minister who simultaneously hold positions in the private sector. They called for a higher threshold of probity in business and finance to maintain public trust in a developing economy.