BJP MP Ravi Shankar Prasad said the Congress party deliberately released the Hindenburg Research study on Saturday to create panic on Sunday and inflict maximum damage on the stock market on Monday.
BJP MP Ravi Shankar Prasad
New Delhi: Amid the ongoing controversy over the latest Hindenburg Research report, the Bharatiya Janata Party (BJP) on Monday alleged that the Congress party and its political allies were working on a conspiracy to create economic anarchy and instability in India.
Party MP and senior politician Ravi Shankar Prasad assured that India is a safe market.
“After being rejected by the Indian people, the Congress party has conspired with its allies and the Toolkit gang to create economic anarchy and instability in India. The Hindenburg report will be released on Saturday, there will be an uproar on Sunday, so the capital market will be destabilised on Monday… For equities too, India is a safe, stable and promising market,” Prasad said.
Prasad said that the Congress party preferred to remain silent and said nothing in its defence when the Supreme Court issued summons to the Hindenburg in July.
“It is SEBI’s statutory responsibility to ensure smooth functioning of the market. … When SEBI issued a notice against Hindenburg after completing its entire investigation in July, which was conducted under the supervision of the Supreme Court, without providing any reply in its favour, it made this attack a baseless one,” Prasad added.
Congress calls for CBI investigation into Hindenburg Research allegations
Amid the heated row over Hindenburg Research’s allegations against SEBI chairperson Madhabi Buch, the Congress demanded her resignation and urged the Supreme Court to transfer the Adani probe to the CBI or a special investigation team as “there is a likelihood of compromise on the part of SEBI”.
The Congress party took the stand a day after SEBI said the allegations against the Adani Group had been “properly investigated” and that chairwoman Madhabi Buch had from time to time disclosed or declared herself biased in handling cases.
Congress General Secretary Jairam Ramesh strongly criticised SEBI’s statement on the Adani Group investigation, saying it was more concerned with image than substance. Although Ramesh claims to have issued 100 summons, sent 1,100 letters and emails and examined 300 documents, he argued that SEBI’s actions were a mere distraction from the core issues. He said that “actions, not activities, count”.
Ramesh recalled that he had written to the SEBI Chairman on February 14, 2023, urging him to ensure fairness in India’s financial markets, but had not received any response. He also pointed out that the Supreme Court had on March 3, 2023, directed SEBI to complete the investigation into the alleged stock manipulation and accounting fraud of the Adani Group within two months, underscoring the need for concrete action.
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