Hindenburg report: BJP alleges conspiracy to create economic anarchy; Congress demands CBI probe

New Delhi: Amid ongoing row over the recent report of Hindenburg Research, Bharatiya Janata Party (BJP) on Monday alleged that Congress and its political allies were conspiring to create an economic anarchy and instability in India.

Party MP and senior leader Ravi Shankar Prasad assured that India was a safe and market.

“After being rebuffed by the people of India, the Congress party, its allies and the toolkit gang have conspired together to usher in economic anarchy and instability in India? Hindenburg report is released on Saturday, there is uproar on Sunday so the capital market is destabilized on Monday…India is a safe, stable and promising market in the shares as well,” said Prasad.

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Prasad said that the Congress party preferred to stay silent and did not say anything in its defence the Supreme Court issued a notice to the Hindenburg in July.

“It is SEBI’s legal responsibility to ensure that the market runs smoothly…When SEBI issued a notice against Hindenburg, after completing its entire inquiry in July, which was done under the supervision of the Supreme Court, then without giving any answer in favour of its defence, they have made this attack, a baseless attack,” added Prasad.

Congress demands CBI probe in Hindenburg Research’s allegations

Amid the raging row over the Hindenburg Research’s allegations against SEBI chairperson Madhabi Buch, the Congress has demanded her resignation and urged the Supreme Court to transfer the Adani probe to the CBI or a Special Investigation Team given the “likelihood of SEBI’s compromise”.

The Congress party’s stand came a day after the SEBI said allegations against the Adani Group have been “duly investigated”, and chairperson Madhabi Buch disclosed and recused herself from time to time when dealing with matters.

Congress General Secretary Jairam Ramesh slammed SEBI’s statement on the Adani Group investigations, saying it prioritises image over substance. Despite claiming to have issued 100 summons, sent 1,100 letters and emails, and examined 300 documents, Ramesh argued that SEBI’s actions are mere distractions from the core issues. He said that “actions matter, not activities.”

Ramesh recalled writing to the SEBI chairperson on February 14, 2023, urging them to ensure fairness in India’s financial markets, but received no response. He also pointed out that the Supreme Court had directed SEBI on March 3, 2023, to conclude the investigation into Adani Group’s alleged stock manipulation and accounting fraud within two months, highlighting the need for concrete action.