SEBI chairperson must resign, JPC probe into Adani 'scam' essential, says Congress

NEW DELHI: The Congress on Saturday cited a media report which flagged alleged conflicts of interest against SEBI chairperson Madhabi Buch and said her continuance as the head of the capital markets regulator is "untenable".

The opposition party said Buch must resign and a full Joint Parliamentary Committee (JPC) investigation must be conducted into the Adani "mega scam".

Congress general secretary in-charge communications Jairam Ramesh cited an article by The Morning Context which raises issues of Buch's alleged conflicts of interest.

The media report raises questions such as has Buch recused herself from all matters involving companies that private equity firm Blackstone has a stake in and how many Blackstone companies find a place on that recusal list.

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 come days after Hindenburg Research launched a fresh broadside against market regulator SEBI chairperson Madhabi Buch, alleging she and her husband had stakes in obscure offshore funds used in the Adani money siphoning scandal.

SEBI Chairman Buch and her husband have denied the allegations levelled against them as baseless and asserted that their finances are an open book.

Adani Group has also termed Hindenburg Research's latest allegations as malicious and manipulative of select public information, saying it has no commercial relationship with the SEBI chairperson or her husband.