Chennai: BJP Tamil Nadu unit chief K Annamalai on Sunday called for a thorough investigation into the latest allegations made by Hindenburg Research against SEBI Chairperson Madhabi Puri Buch. While acknowledging that previous claims by the US-based firm were found to be baseless, he stressed the importance of probing the current allegations.
Annamalai accused Hindenburg of deliberately creating panic among investors for profit, describing the firm as a “short-selling agent” rather than a credible source. “Hindenburg is not a journalist or an NGO but a short-selling agent of shares,” Annamalai told reporters. “They release reports, trigger panic among investors, capitalize on the crisis, and make thousands of crores in profit. That’s what Hindenburg is all about.”
Referring to an earlier Hindenburg report that led to the formation of a Supreme Court-appointed committee, Annamalai noted that the committee had found no basis for the allegations. “Even though their previous claims were proven false, I believe we shouldn’t ignore this new report,” he said. “The Hindenburg report should be thoroughly investigated, despite their history of raising false alarms.”
Annamalai’s remarks come in response to fresh claims by Hindenburg Research, which, citing “whistleblower documents,” accused SEBI Chairperson Madhabi Buch of having stakes in offshore entities allegedly connected to the Adani Group. Both Madhabi Buch and her husband, Dhaval Buch, have strongly denied these allegations, labeling them as “baseless” and “devoid of any truth.”
Addressing the need for a transparent investigation, Annamalai stated, “If there are charges against SEBI officials, we must investigate. If SEBI officials had offshore accounts, let us probe it. If it turns out to be true, there will be consequences. Even if Hindenburg’s past claims have been false, a responsible government will still conduct a thorough investigation.”
Annamalai also suggested that this controversy is part of a broader conspiracy aimed at hindering India’s growth on the global stage. “A strong country like India will face such attacks,” he said. “A strong India is a threat to many nations, and there are international-level conspiracies to ensure that India does not continue to grow. This is just one such attempt.”
He further recalled that during the previous controversy, the Congress party had expressed distrust in SEBI, which led to the Supreme Court appointing a committee that found no evidence to support the allegations. “Despite all this, I still insist that these new allegations should be probed,” Annamalai concluded.
