The Congress on Saturday cited a media report which flagged alleged conflicts of interest against SEBI chairperson Madhabi Buch and said her continuance as the head of the capital markets regulator is “untenable”.

The opposition party said Buch must resign and a full Joint Parliamentary Committee (JPC) investigation must be conducted into the Adani “mega scam”.

Congress general secretary in-charge communications Jairam Ramesh cited an article by The Morning Context which raises issues of Buch’s alleged conflicts of interest.

The media report raises questions such as has Buch recused herself from all matters involving companies that private equity firm Blackstone has a stake in and how many Blackstone companies find a place on that recusal list.

Sharing the report on X, Ramesh said, “Yet another day and yet more revelations on the multiple conflicts of interest in the SEBI chairperson’s activities.”

“The SEBI chairperson’s conflicts of interest have already made a mockery of the Supreme Court-mandated SEBI investigations into the violations of securities laws by the Adani Group,” he said.

Responding to a post on X, Ramesh also said, “Only a JPC can unravel the full dimensions of this Modani Megascam.”

His remarks come days after Hindenburg Research launched a fresh broadside against market regulator SEBI chairperson Madhabi Buch, alleging she and her husband had stakes in obscure offshore funds used in the Adani money siphoning scandal.

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