BJP Slams Hindenburg Report, Calls It Congress's Plot For 'Creating Economic Anarchy'

The BJP has dismissed Congress's demand for a JPC probe into Hindenburg allegations against SEBI chief Madhabi Puri Buch, calling it a conspiracy to destabilize the Indian economy.

Rejecting Congress party's demand for a Joint Parliamentary Committee (JPC) probe into Hindenburg Report's allegation against the Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch, the Bharatiya Janata Party (BJP) on Monday said the short-selling firm's charge and the opposition's criticism of the market regulator are part of a wider conspiracy. 

This came after US-based Hindenburg released a new report claiming the SEBI chief had a stake in obscure offshore entities used in alleged financial wrongdoing by the Adani Group. The allegations have been refuted by the both Adani Group and SEBI chief and her husband Dhaval Buch.

Addressing the media, BJP leader and former Union Law Minister Ravi Shankar Prasad claimed the Congress is "involved in creating economic anarchy" and "hatred against India". Prasad also underlined India's position as a "safe, stable and promising market".

"After being rebuffed by the people of India, the Congress party, its allies and the toolkit gang have conspired together to usher in economic anarchy and instability in India. The Hindenburg report was released on Saturday, there was uproar on Sunday so the capital market was destabilized on Monday...India is a safe, stable and promising market in the shares as well," the BJP leader told reporters. 

Calling the short-selling firm's report 'fictitious', the BJP leader said it is a sham with an eye on weakening the Indian economy and destroying investment in the country.

"The 10-year-old rule of the Congress between 2004 and 2014 was marked by several alleged scams," Prasad noted as he questioned why such critical reports were not brought out then.

Noting that small investors have put their money in the stock market in large numbers, he wondered why Congress wants to harm them. Prasad further asserted that investors have come to realise the conspiracy and rejected the attempts to jolt the market. 

"India is a safe, stable and promising market in the shares as well. It is SEBI's legal responsibility to ensure that the market runs smoothly...When SEBI issued a notice against Hindenburg, after completing its entire inquiry in July, which was done under the supervision of the Supreme Court, then without giving any answer in favour of its defence, they have made this attack, a baseless attack," the BJP leader said.

The BJP also claimed that in its "pathological hatred" against Prime Minister Narendra Modi the Congress, led by "Rahul Gandhi and his toolkit friends", has developed hatred for India.  

"Today we want to raise some issues. Whose investment is there in Hindenburg? Do you know this gentleman George Soros who regularly runs propaganda against India...He is the main investor there...In their pathological hatred against Narendra Modi, the Congress Party today has developed hatred against India itself. If India's stock market gets disturbed, will the small investors be troubled or not," the BJP leader asked.

"In the politics of the Congress party, there is one toolkit politics, the other is chit politics. If chits are found in the exam, action is taken. But what should be done about the chits that the Congress party and its leaders get?... They want to crash the entire stock market, stop the capital investment of small investors and ensure that there should be no economic investment in India," he added.