BJP Accuses Congress of Stock Market Sabotage Amid Hindenburg Report Controversy
News Mania Desk/Agnibeena Ghosh/12th August 2024
The Bharatiya Janata Party (BJP) has strongly criticized the Congress party for what it describes as an attempt to destabilize India’s financial markets. This accusation comes in response to the Congress’ call for a Joint Parliamentary Committee (JPC) to investigate the recent Hindenburg Research report, which has stirred controversy with its claims about the Securities and Exchange Board of India (SEBI) and its chairperson, Madhabi Puri Buch.
According to the Hindenburg report, Buch is alleged to have stakes in offshore entities linked to the Adani group, which is embroiled in a major financial scandal. The report suggests that these offshore interests could be connected to money siphoning operations involving the Adani conglomerate. The Congress has seized upon these allegations, demanding a thorough investigation into the matter.
In response, BJP MP Ravi Shankar Prasad accused the Congress of engaging in what he termed “chit politics,” a derogatory term for misleading or manipulative tactics. Prasad alleged that the Congress is motivated by a desire to “crash the entire stock market” and undermine the confidence of small investors. He argued that the Congress’ actions are driven by a deep-seated animosity towards Prime Minister Narendra Modi and, by extension, against the country itself.
Prasad further criticized the Congress for making baseless accusations and failing to provide substantive evidence. He referenced previous controversies, such as the Pegasus spyware investigation, where Congress leader Rahul Gandhi had claimed his phone was being spied on, but did not cooperate fully with the investigation. According to Prasad, this pattern of behavior reflects a broader strategy by the Congress to create “economic anarchy” based on unfounded reports.
The Hindenburg report has significantly impacted the political landscape, with Congress leaders calling for transparency and accountability from SEBI, Prime Minister Modi, and Finance Minister Nirmala Sitharaman. Congress leader Pawan Khera has specifically demanded a detailed, point-by-point response to the allegations raised by Hindenburg Research. Khera has questioned whether Buch had disclosed her offshore investments before her appointment as SEBI chairperson and whether the Indian government was aware of any connections between these investments and those of Vinod Adani, brother of Gautam Adani, the head of the Adani group.
The BJP’s response underscores a broader political conflict, with both parties vying to shape public perception and influence the investigation’s outcome. The controversy surrounding the Hindenburg report and the Congress’ demands for a JPC continue to be a focal point in Indian politics, as both sides present their arguments and attempt to sway public opinion.
As the situation evolves, the scrutiny of SEBI and its officials, alongside the political maneuvering of the Congress and BJP, will likely remain a significant issue in India’s financial and political arenas.
