Leader of Opposition in the Lok Sabha Rahul Gandhi on Sunday said the integrity of SEBI has been "gravely compromised" by the allegations against its chairperson and asked whether the Supreme Court would look into this matter suo motu once again.

His remarks came after US short-seller Hindenburg Research on Saturday alleged that market regulator SEBI chairperson Madhabi Buch and her husband had stakes in obscure offshore funds used in the alleged Adani money siphoning scandal.

In a post on X, Gandhi said, "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?" the former Congress chief said.

In light of the new and "very serious" allegations that have surfaced, will the Supreme Court look into this matter suo motu once again, Gandhi asked.

"It is now abundantly clear why Prime Minister (Narendra) Modi is so afraid of a JPC (joint parliamentary committee) probe and what it might reveal," he said.

SEBI Chairman Buch and her husband have denied the allegations as baseless and asserted their finances are an open book.

The Adani group termed the latest allegations malicious and based on manipulation of select public information. The company said it has no commercial relationship with the SEBI chairperson or her husband.

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