In response to allegations made by US-based short seller Hindenburg Research, the Securities and Exchange Board of India (SEBI) has released separate statements claiming that investigations into the Adani Group are ongoing. Despite Hindenburg's claims, SEBI has completed 23 out of 24 investigations into the group and is nearing completion on the final one. The regulator has also revealed that a significant amount of evidence has been gathered through communication with domestic and foreign agencies. Hindenburg had accused SEBI's chairperson's husband, while he was a senior advisor at Blackstone, of facilitating approval for Blackstone-sponsored real estate investment trusts to go public.
The integrity of SEBI is at stake as the opposition parties seek a JPC probe into the latest revelations that SEBI chairperson Madhabi Puri Buch had stake in offshore entities used in the Adani scandal. Congress leader Rahul Gandhi questioned why she has not resigned yet, while party president Mallikarjun Kharge alleged a quid-pro-quo involving the SEBI chief and demanded a JPC inquiry. The Trinamool Congress also called for Buch's suspension and a Supreme Court-monitored probe, stating that the situation is extraordinary and the ruling BJP is on the back-foot in Parliament. The need to protect small and medium investors and the concern of PM Modi's ally being shielded has led to demands for a thorough investigation.