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The recent allegations against Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India (SEBI), have sparked controversy and calls for an independent investigation. The accusations stem from a report published by Hindenburg Research on August 10, which alleged multiple conflicts of interest involving Buch. The report, which has yet to be independently verified, claims that Buch's previous roles and personal connections raise questions about her ability to impartially oversee the regulation of the Indian capital markets, particularly in relation to the Adani Group, a conglomerate that has been the subject of intense scrutiny in recent months.
Since the release of the Hindenburg report, several other concerns have been raised regarding alleged improprieties within SEBI under Buch's leadership. However, the Narendra Modi government has maintained a conspicuous silence on the matter, neither initiating an investigation nor taking any action against Buch. This silence has fueled speculation and further calls for transparency and accountability. Veteran journalist Paranjoy Guha Thakurta, in an interview with TNM, expressed his belief that an independent probe is crucial to address the concerns raised by the Hindenburg report and to restore public confidence in SEBI's integrity.
Thakurta's call for an independent investigation echoes the concerns of many who believe that the current circumstances necessitate a thorough examination of the allegations against Buch. The Modi government's continued silence, despite the growing chorus of calls for action, raises questions about its commitment to upholding the principles of transparency and accountability in government. The implications of this controversy extend beyond the specific allegations against Buch, impacting the overall credibility and integrity of SEBI, a crucial regulatory body responsible for maintaining a fair and transparent capital market. As the controversy unfolds, the government's response and the outcome of any potential investigation will be closely watched by the public and the international community.
Source: ‘Need for independent probe into Madhabi Buch’: Paranjoy Guha Thakurta on SEBI saga