In a scathing attack on the government, Congress MP Rahul Gandhi has alleged that the Indian stock market is compromised due to the regulator, SEBI, being influenced by external factors. Gandhi drew an analogy with a cricket match, stating that if the umpire is compromised, the fairness and outcome of the match are questionable.
“(Imagine) an international cricket match between India and Australia, and every single person who is watching the match and those playing the match know that the umpire is compromised. What would happen to the match? What would happen to the fairness of the match and the outcome? How would you feel as somebody who is participating in the match? This is exactly what is happening in the Indian stock market,” the Leader of Oppostion said.
“Over the last few years, larger and larger numbers of people have been investing in India’s stock market. They invest their hard earned, honestly earned savings into the stock market. It is my duty as Leader of the Opposition (in Lok Sabha) to bring to your notice that there is a significant risk in the Indian stock market because the institution that governs the stock market is compromised,” he added.
Gandhi’s comments come in the wake of the Hindenburg report, which alleged that SEBI head Madhabi Buch had stakes in obscure offshore funds used in the Adani scandal. The Congress leader emphasized that it is his duty to bring this issue to the notice of the public, as millions of people have invested their hard-earned savings in the stock market.
VIDEO | “(Imagine) an international cricket match between India and Australia, and every single person who is watching the match and those playing the match know that the umpire is compromised. What would happen to the match? What would happen to the fairness of the match and the… pic.twitter.com/TFP6WEqqMO
— Press Trust of India (@PTI_News) August 11, 2024
In a X post, the Congress MP wrote, The integrity of SEBI, the securities regulator entrusted with safeguarding the wealth of small retail investors, has been gravely compromised by the allegations against its Chairperson. Honest investors across the country have pressing questions for the government.”
“Why hasn’t SEBI Chairperson Madhabi Puri Buch resigned yet? If investors lose their hard-earned money, who will be held accountable—PM Modi, the SEBI Chairperson, or Gautam Adani? – In light of the new and very serious allegations that have surfaced, will the Supreme Court look into this matter suo moto once again? It is now abundantly clear why Prime Minister Modi is so afraid of a JPC probe and what it might reveal,” he said further in the same post.
