New Delhi: In response to explosive allegations from Hindenburg Research about financial irregularities involving a close associate of Prime Minister Narendra Modi, Indian opposition parties have united in demanding a thorough investigation. The report accuses Gautam Adani’s group, which has ties to Modi, of questionable financial practices, including involvement by Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch.

According to Kashmir Media Service, the US-based short-seller’s report alleges that SEBI’s Buch and her husband hold stakes in offshore companies linked to the Adani Group, prompting calls from multiple political factions for a comprehensive inquiry. The report’s implications have led to a clamor for the removal of conflicts of interest in the ongoing regulatory investigations and the establishment of a Joint Parliamentary Committee (JPC) to further probe the accusations.

Leaders from India’s main opposition party, Congress, including Mallikarjun Kharge and Rahul Gandhi, have vocally criticized the government’s handling of the situation. Gandhi questioned the integrity of the Modi administration in safeguarding investors and the nation’s constitutional institutions amidst these allegations. The Bahujan Samaj Party and the Aam Aadmi Party have also echoed these concerns, with AAP’s Sanjay Singh highlighting discrepancies in SEBI’s statements to the Supreme Court about the direction of its investigations into Adani.

The demand for scrutiny has intensified following a petition filed with the Supreme Court to investigate the claims made by Hindenburg Research, which previously accused the Adani Group of extensive corporate fraud in January last year, significantly affecting its market valuation.