Congress Questions SEBI's Reluctance in Adani Investigation Using Historical Latin Phrase

Congress criticised SEBI’s inactivity over the Adani MegaScam, using a Latin phrase to question the regulators' accountability. This comes after Hindenburg Research's new allegations against SEBI Chairperson Madhabi Puri Buch and her husband. Congress demands governmental action and a Joint Parliamentary Committee for a thorough investigation.

Drawing inspiration from Roman poet Juvenal's 'Satires,' the Congress party employed the Latin phrase, 'Quis Custodiet Ipsos Custodes,' meaning 'Who will guard the guards themselves?' This was to highlight SEBI's 'strange reluctance' to investigate the 'Adani MegaScam.' The swipe came after US short-seller Hindenburg Research's report accusing SEBI Chairperson Madhabi Puri Buch and her husband.

On Saturday, Congress General Secretary (communications), Jairam Ramesh, posted 'Quis Custodiet Ipsos Custodes' on X, emphasizing the latest revelations. The US-based firm claimed Buch and her husband had stakes in offshore entities involved in the Adani scandal. Congress demands the government remove all conflicts of interest in SEBI's Adani investigation via a Joint Parliamentary Committee.

Trinamool Congress leader Mahua Moitra echoed these sentiments, questioning SEBI's integrity on X. Hindenburg's new August 10 report suggests SEBI Chairperson and her husband had hidden stakes in offshore entities, possibly explaining Adani's confidence in avoiding regulatory intervention. A whistleblower provided documents corroborating these allegations, further pressuring SEBI and the Adani Group.

(With inputs from agencies.)