Editor's Pick | Hindenburg report on SEBI chief raises political storm

In a video statement released Sunday, Leader of Opposition in Lok Sabha Rahul Gandhi demanded a Joint Parliamentary Committee (JPC) inquiry into the charges levelled against Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch in the latest Hindenburg report. The U.S.-based short seller on Saturday alleged that Ms. Buch herself had a stake in offshore entities linked to what it claimed was “the Adani money siphoning scandal”, while she headed SEBI which probed allegations against the Adani group of companies. Mr. Gandhi said there was a significant risk in the Indian stock market as the governing institution was “compromised”. “A serious allegation against the Adani Group was illegal share ownership and price manipulation using offshore funds. It has now emerged that SEBI Chairperson Madhabi Buch and her husband had an interest in one of those funds... the savings of millions of Indians are at risk. It is, therefore, imperative that this matter is investigated,” he said. He also asked if the Supreme Court was going to look at this matter suo motu. The Bharatiya Janata Party (BJP) dismissed the claims, saying that global forces, with the help of Congress “dynasty”, were attempting to hinder India’s progress. BJP leader and former Union Minister Rajeev Chandrasekhar said it was an attack on SEBI by a foreign entity, which was in “an obvious partnership” with the Congress and had an ominous motive and goal. Earlier in the day, Congress President Mallikarjun Kharge too demanded a JPC inquiry, saying that small and medium investors in the stock market need to be protected. Communist Party of India (Marxist) leader Sitaram Yechury also sought a JPC probe, and D. Raja of the Communist Party of India accused the BJP of serving only corporate interests to the extent of protecting the “corrupt practices of their favoured corporates”. AITC MP Mahua Moitra demanded answers from the SEBI chief to several questions related to the new report, while SP leader Akhilesh Yadav too called for a probe. Ms. Buch and her husband have denied “the baseless allegations and insinuations made in the report”. The Hindu’s Editorials Rule and exception: On a reminder on the fundamentals of bail law Perfunctory panacea: On the Rashtriya Vigyan Puraskar The Hindu’s Daily Quiz Who does the Waqf Amendment Bill, 2024 seek to appoint as the arbiter to decide if a property is Waqf property or government land? Governor Waqf tribunal Waqf Board District Collector To know the answer and to play the full quiz, click here. [logo] Editor's Pick 12 August 2024 [The Hindu logo] [EP Logo] Editor's Pick 12 August 2024 In the Editor's Pick newsletter, The Hindu explains why a story was important enough to be carried on the front page of today's edition of our newspaper. [View in browser]( [More newsletters]( Hindenburg report on SEBI chief raises political storm In a video statement released Sunday, Leader of Opposition in Lok Sabha Rahul Gandhi demanded a [Joint Parliamentary Committee (JPC) inquiry]( into the charges levelled against Securities and Exchange Board of India [(SEBI)]( chief Madhabi Puri Buch in the latest Hindenburg report. The U.S.-based short seller on Saturday alleged that Ms. Buch herself had a stake in offshore entities linked to what it claimed was “the Adani money siphoning scandal”, while she headed SEBI which probed allegations against the Adani group of companies. Mr. Gandhi said there was a significant risk in the Indian stock market as the governing institution was “compromised”. “A serious allegation against the Adani Group was illegal share ownership and price manipulation using offshore funds. It has now emerged that SEBI Chairperson Madhabi Buch and her husband had an interest in one of those funds... the savings of millions of Indians are at risk. It is, therefore, imperative that this matter is investigated,” he said. He also asked if the [Supreme Court]( was going to look at this matter suo motu. The Bharatiya Janata Party (BJP) dismissed the claims, saying that global forces, with the help of Congress “dynasty”, were attempting to hinder India’s progress. BJP leader and former Union Minister Rajeev Chandrasekhar said it was an attack on SEBI by a foreign entity, which was in “an obvious partnership” with the Congress and had an ominous motive and goal. Earlier in the day, Congress President Mallikarjun Kharge too demanded a JPC inquiry, saying that small and medium investors in the stock market need to be protected. Communist Party of India (Marxist) leader Sitaram Yechury also sought a JPC probe, and D. Raja of the Communist Party of India accused the BJP of serving only corporate interests to the extent of protecting the “corrupt practices of their favoured corporates”. AITC MP Mahua Moitra demanded answers from the SEBI chief to several questions related to the new report, while SP leader Akhilesh Yadav too called for a probe. Ms. Buch and her husband have [denied “the baseless allegations]( insinuations made in the report”. The Hindu’s Editorials [Arrow][Rule and exception: On a reminder on the fundamentals of bail lawÂ]( [Arrow][Perfunctory panacea: On the Rashtriya Vigyan Puraskar]( The Hindu’s Daily Quiz Who does the Waqf Amendment Bill, 2024 seek to appoint as the arbiter to decide if a property is Waqf property or government land? - Governor - Waqf tribunal - Waqf Board - District Collector To know the answer and to play the full quiz, [click here](. 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