Letter to the Readers, Mainstream, Aug 17, 2024

The silence of the Modi Government and its Ministry of Finance on a seeming breach of rules in the form of a conflict of interest at India’s market regulator Stock Exchange Board of India (SEBI) is alarming. It has recently come to light via documents [1] from the US firm Hindenberg Research that SEBI chairperson Madhabi Puri Buch and her husband have had investments in an offshore entity with links to the Adani group that is under investigation by SEBI [2]. How can the SEBI Chairperson be heading a probe against Adani wrongdoings while having financial interests in entities connected with the Adani group, Calls for SEBI chair to step aside are legitimate. India’s opposition parties have over the years repeatedly alleged crony capitalism at work with the Modi Government refusing a parliamentary enquiry into corrupt business practices by the Adani group —a business group with close relations with India’s Prime Minister [3]. The Government must act to protect confidence in SEBI.

August 17, 2024 —HK