At a press conference, BJP leader Ravi Shankar Prasad criticized the Congress for its handling of the Hindenburg allegations. Prasad accused the Congress of attempting to destabilize the Indian stock market by questioning the integrity of its regulatory framework. “We expected that after being ousted from power, Congress would refrain from using such tactics,” Prasad said. “The timing of Hindenburg’s report and the subsequent uproar have clearly impacted the capital markets.”
The controversy began when Hindenburg Research published a report alleging that Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch and her spouse held significant stakes in an offshore fund, which received investments from associates of Vinod Adani, the brother of Adani Group chairman Gautam Adani. Buch has dismissed these allegations as baseless. However, the opposition has seized upon the report to call for a joint parliamentary inquiry.
Prasad suggested that the timing of Hindenburg’s report was suspicious, noting that the company had recently received a show-cause notice from SEBI. “Instead of addressing this notice, Hindenburg launched a baseless attack,” Prasad added. “SEBI and its chairman have already responded to these allegations.”
Prasad also accused American billionaire George Soros of being behind Hindenburg’s report, suggesting a broader conspiracy against the Indian market. He criticized Rahul Gandhi for his perceived animosity towards Modi, implying that Gandhi’s actions were driven by personal bias rather than genuine concern.
The BJP has rejected calls for a Joint Parliamentary Committee (JPC) investigation into the Hindenburg report, labeling these demands as “sham” efforts. BJP national spokesperson CR Kesavan mocked Gandhi’s claim that the stock market regulator was compromised, likening it to deceitful tactics meant to undermine market confidence.
Rahul Gandhi’s recent remarks expressed concerns over the stock market’s integrity and questioned why SEBI Chairperson Madhabi Puri Buch had not resigned following the Hindenburg revelations. Gandhi has also reiterated his call for a JPC probe, suggesting that Modi’s resistance to such an inquiry is due to fear.
The BJP’s response highlights the ongoing political tensions surrounding the Hindenburg report and underscores the deepening rift between the ruling party and the opposition.
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