'[SEBI–Adani issue] beyond debate between ruling party and opposition': Mayawati

As the outcry against Adani escalates following the recent revelations by Hindenburg Research, BSP chief Mayawati stated on Tuesday, 13 August, that the issue has now surpassed the usual political debate between the ruling party and the opposition, undermining the credibility of the central government.

She added that it would have been more prudent for the Centre to have already initiated a high-level inquiry into the matter.

On 10 August, Hindenburg Research accused SEBI chairperson Madhabi Puri Buch and her husband, Dhaval Buch, of holding stakes in obscure offshore funds allegedly involved in the Adani money-siphoning scandal.

'First the Adani Group and now the SEBI chief-related Hindenburg report are again in the news, and the allegations and counter-allegations are continuing to such an extent that it is being said to affect the national interest. Despite the clarifications provided by Adani and SEBI, the issue remains on the boil,' Bahujan Samaj Party (BSP) chief Mayawati said in a post on X.

'By the way, this issue is now beyond debate between the ruling party and the opposition and is affecting the goodwill (saakh) and credibility of the Centre itself. It would have been better if the Centre had ordered a high-level inquiry, or a JPC or judicial inquiry by now,' Mayawati posted in Hindi.

Hindenburg Research's allegations against SEBI chairperson Madhabi Puri Buch have ignited a political firestorm, with the Congress and other INDIA bloc parties demanding her removal and calling for a joint parliamentary committee (JPC) probe.

In contrast, the BJP accused the Opposition of being part of a conspiracy to create financial instability and chaos in India. The Opposition, for its part, also urged the Supreme Court to intervene in the matter.

Buch and her husband dismissed the accusations as "baseless", asserting that Hindenburg Research was attempting to undermine SEBI's credibility and engage in character assassination of its chief instead of responding to a showcause notice issued to it for "violations in India".

SEBI, in its defence, stated that the allegations against the Adani Group had been "duly investigated", adding that the chairperson had consistently disclosed potential conflicts of interest and recused herself from related matters.

The Adani Group labeled the allegations as "malicious" and based on the manipulation of selective public information, emphasising that the company had no commercial relationship with the SEBI chairperson or her husband.