The Congress party has demanded the resignation of SEBI Chairperson Madhabi Buch and a full Joint Parliamentary Committee (JPC) investigation into the alleged Adani “mega scam”. The party cited a media report that raises concerns about potential conflicts of interest involving Buch.
Congress General Secretary Jairam Ramesh highlighted an article by The Morning Context, which questions whether Buch has recused herself from matters involving companies in which private equity firm Blackstone has a stake. The report also questions the extent of Buch’s recusal list concerning Blackstone-affiliated companies.
Sharing the report on X, Ramesh said, “Yet another day and yet more revelations on the multiple conflicts of interest in the SEBI chairperson’s activities.”
“The SEBI chairperson’s conflicts of interest have already made a mockery of the Supreme Court-mandated SEBI investigations into the violations of securities laws by the Adani Group,” he said.
The senior Congress leader said The Morning Context has just brought to light other conflicts of interest relating to the SEBI chairperson.
“These involve the private equity firm Blackstone where her husband is employed as a senior advisor. There appears to be at least one case involving Blackstone and SEBI from which she had not exempted herself from (or in legal language, recused herself),” Ramesh said.
“The Chairperson’s continuance in her role is untenable. She must resign, and a full Joint Parliamentary Committee (JPC) investigation must be conducted into the Adani mega scam,” the Congress general secretary said.
Responding to a post on X, Ramesh also said, “Only a JPC can unravel the full dimensions of this Modani Megascam.”
His remarks follow recent accusations by Hindenburg Research, which alleged that SEBI Chairperson Madhabi Buch and her husband had stakes in obscure offshore funds linked to the Adani money siphoning scandal.
In response to the allegations, Buch and her husband have denied any wrongdoing, asserting that their finances are transparent. Adani Group has dismissed the latest allegations from Hindenburg Research as baseless and manipulative, asserting there is no commercial relationship between the company and Buch or her husband.