Yasmin Farooqui, National General Secretary of the Social Democratic Party of India (SDPI), strongly condemns the Securities and Exchange Board of India (SEBI) for granting a so-called “clean chit” to the Adani Group in the Hindenburg Research allegations. This decision reeks of institutional bias and a deliberate attempt to shield crony capitalists at the cost of ordinary Indians and the nation’s economy.

SEBI’s investigation was alarmingly narrow. It restricted itself to disclosures, insider trading, and related-party transactions between FY13 and FY21, while conveniently ignoring the larger irregularities highlighted by Hindenburg, including offshore fund routing and stock overvaluation. Such a selective probe cannot explain how billions in market value evaporated, wiping out the savings of retail investors and public funds. Can a regulator that sidesteps clear evidence of fraud ever inspire confidence?

This exoneration exposes the deep-rooted nexus between the Modi government and the Adani empire. Despite repeated Supreme Court directives, SEBI dragged its feet, issued token show-cause notices, and ultimately dropped charges without penalties. The timing is even more suspicious, given ongoing U.S. bribery investigations against Adani. Is SEBI defending national interests, or acting as a shield for a favored conglomerate that has thrived on policy favors in infrastructure and energy sectors?

The so-called clean chit also overlooks the economic chaos unleashed by these allegations—stalling Parliament, shaking investor confidence, and denying the nation a transparent investigation. Opposition demands for a Joint Parliamentary Committee (JPC) probe have been repeatedly ignored, revealing the government’s fear of truth.

The SDPI demands an immediate JPC investigation, a structural overhaul of SEBI to ensure impartiality, and accountability from those who suppress facts while protecting the guilty. India cannot afford to sacrifice economic justice for political favoritism.