Cong announces protest on Aug 22 demanding SEBI chief resig, JPC probe
New Delhi: The Congress has announced plans for a nationwide agitation on August 22, calling for the resignation of Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch and demanding a Joint Parliamentary Committee (JPC) investigation into the Adani Group controversy. This decision comes in the wake of recent allegations made by Hindenburg Research concerning a potential nexus between SEBI and the Adani Group.
Congress President Mallikarjun Kharge convened a meeting with party general secretaries, state unit chiefs, and All India Congress Committee (AICC) state in-charges to discuss organisational matters and national issues in preparation for upcoming assembly elections. Following the meeting, Kharge stated on social media: “The shocking revelations of a nexus between the SEBI and Adani needs a thorough investigation. The money of small investors in the stock market cannot be jeopardised.”
AICC General Secretary K C Venugopal briefed reporters on the meeting’s outcome, confirming the unanimous decision to launch the nationwide protest. The Congress is demanding immediate action from the Modi government, including seeking Buch’s resignation and constituting a JPC to investigate the matter.
The controversy erupted when Hindenburg Research alleged on August 10 that Madhabi Puri Buch and her husband Dhaval Buch had stakes in offshore funds allegedly involved in the Adani money syphoning scandal. These claims have intensified the political debate, with opposition parties, particularly those in the INDIA bloc, pushing for Buch’s removal and a thorough investigation.
In response to these allegations, both Buch and her husband have vehemently denied the charges, characterising them as baseless. They accused Hindenburg Research of attempting to undermine SEBI’s credibility and engaging in character assassination rather than addressing a showcause notice served for alleged violations in India.
SEBI has maintained that the allegations against the Adani Group have been “duly investigated” and that Buch has consistently disclosed and recused herself from matters involving potential conflicts of interest. The Adani Group has also rejected the allegations, describing them as malicious and based on manipulated public information.
