The investment of Indian market regulator’s head in the Adani Group’s offshore fund has been disclosed in the report. A billionaire Indian family with links to the country’s prime minister Modi surreptitiously purchased their shares after spending millions of dollars in the Indian stock market.
According to the Hindenburg Research Institute, the chairperson of the Securities and Exchange Board of India and her husband are shareholders in offshore entities linked to alleged financial mismanagement of the Adani Group.
Narendra Modi faces tremendous criticism at the national and international levels over the report.
Opposition leader Rahul Gandhi says the Hindenburg report explains why Modi fears a joint parliamentary committee inquiry against the Adani Group. He also expressed concerns that integrity of the securities regulator has been seriously compromised.
The integrity of the Securities and Exchange Board of India has been compromised to protect the wealth of small retail investors. The people of India want to know why the chairperson has not resigned yet after such a big allegation, remarked Rahul Gandhi. Who will be responsible if investors' hard-earned money sinks, asked Gandhi.
He also asked if the Supreme Court will still remain silent after such serious revelations. Congress General Secretary Jairam Ramesh also demanded an inquiry by the committee.
In January 2023 also, Hindenburg had accused the Adani Group of being the biggest fraud in corporate history.
