Rahul Gandhi, the Leader of the Opposition in the Lok Sabha, has raised serious concerns about the integrity of the Securities and Exchange Board of India (SEBI) following the recent allegations against its chairperson, Madhabi Puri Buch. In a post on X, formerly Twitter, Gandhi stated "The integrity of SEBI, the securities regulator entrusted with safeguarding the wealth of small retail investors, has been gravely compromised by the allegations against its Chairperson."

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The allegations stem from a report by US short-seller Hindenburg Research, which claimed that Buch and her husband had stakes in obscure offshore funds used in the alleged Adani money siphoning scandal.

Gandhi raised several questions for the government, asking why Buch has not yet resigned and who will be held accountable if investors lose their hard-earned money. "Honest investors across the country have pressing questions for the government: Why hasn't SEBI Chairperson Madhabi Puri Buch resigned yet? If investors lose their hard-earned money, who will be held accountable --?PM Modi, the SEBI Chairperson, or Gautam Adani?" the former Congress chief said.

Given the "new and very serious" allegations that have surfaced, Gandhi questioned whether the Supreme Court would once again look into this matter suo motu once again. "It is now abundantly clear why Prime Minister (Narendra) Modi is so afraid of a JPC (joint parliamentary committee) probe and what it might reveal," he said.

Responding to Hindenburg's claims, SEBI Chairman Buch and her husband have denied the allegations as baseless, asserting that their finances are an open book. The Adani group, on the other hand, has termed the latest allegations as malicious and based on the manipulation of select public information, stating that the company has no commercial relationship with the SEBI chairperson or her husband.