Congress questions SEBI’s reluctance to investigate Adani using historic Latin phrase

Inspired by the “satires” of the Roman poet Juvenal, the Congress party used the Latin phrase “Quis Custodiet Ipsos Custodes”, which means “Who guards the guardians themselves?” to highlight SEBI’s “strange reticence” in investigating the “Adani mega-scam”. The blow came after US short seller Hindenburg Research had accused SEBI chairperson Madhabi Puri Buch and her husband in its report.

On Saturday, Congress General Secretary (Communications) Jairam Ramesh published ‘Quis Custodiet Ipsos Custodes’ on X highlighting the latest revelations. The US-based firm alleged that Buch and her husband had shares in offshore companies involved in the Adani scandal. The Congress is urging the government to remove all conflicts of interest in SEBI’s Adani probe through a joint parliamentary committee.

Trinamool Congress leader Mahua Moitra echoed this sentiment and questioned SEBI’s integrity in relation to X. Hindenburg’s new report on August 10 suggests that the SEBI chairperson and her husband had hidden shares in offshore companies, possibly explaining Adani’s confidence in avoiding regulatory intervention. A whistleblower produced documents corroborating these allegations, putting further pressure on SEBI and the Adani Group.

(With contributions from agencies.)