The Bharatiya Janata Party (BJP) on Sunday dismissed allegations from Hindenburg Research against the chairperson of the Securities and Exchange Board of India (SEBI), asserting that the Congress and other opposition parties are part of a conspiracy aimed at creating financial instability in India.
BJP leader and former Union minister Rajeev Chandrasekhar criticised Hindenburg’s report as coordinated attack with the Congress, claiming it seeks to destabilize and undermine one of the world’s strongest financial systems.
He described the report as “Congress-style innuendo and lies” intended to discredit the regulator and disrupt market confidence.
Chandrasekhar accused global forces, allegedly backed by the Congress dynasty, of attempting to hinder India’s economic progress.
In a post on X, he said, “Lets be clear – this attack on @SEBI_India by a foreign bank Hindenburg, is an obvious partnership with the Cong and has a ominous motive and goal. To destabilize, discredit one of the worlds strongest financial systems and create chaos in worlds fastest growing economy,” he said.
“India’s financial sector has been rebuilt in last 10 years by @narendramodi – from the shattered, crony lending PSU banks amd 10% NPA legacy of UPA, insider trading ponzi frauds like Sahara scam to a vibrant financial system that is supplying equity and credit to worlds fastest growing economy ie India. Even as banks in US fail and stick markets collapse, Indian banks and markets continue to grow,” he added.
BJP spokesperson Sudhanshu Trivedi echoed these sentiments, asserting that opposition parties are amplifying Hindenburg’s allegations, which he claimed are part of a visible conspiracy to create chaos, especially in the financial sector. He also noted that such critical reports often coincide with Parliament sessions, suggesting a deliberate attempt to influence legislative proceedings, reports PTI.
Hindenburg Research on Saturday claimed that SEBI chairperson Madhabi Buch and her husband had stakes in obscure offshore funds used in the Adani money siphoning scandal.
The SEBI chairperson and her husband have rejected the allegations levelled against them as “baseless” and asserted that their finances are “an open book”.
Meanwhile, Congress demanded immediate action from the government to address potential conflicts of interest within SEBI’s investigation of the Adani Group. The party reiterated its call for a Joint Parliamentary Committee (JPC) probe to fully investigate the alleged “scam” and resolve concerns about the involvement of high-level officials.