The BJP on Sunday alleged that the Congress and other Opposition parties are part of a conspiracy to create financial instability and chaos in India, as the ruling party rejected Hindenburg's charge against the SEBI chairperson as an attempt to discredit the financial watchdog.

BJP spokesperson Sudhanshu Trivedi said the short-selling firm, which last year levelled serious allegations against the Adani group, is facing scrutiny from Indian probe agencies. Opposition parties are echoing its allegation, and the conspiracy is now clearly visible that they want to create chaos and instability, especially in the financial sector, he said. Noting that many such critical reports emanating from foreign soil are released just ahead of or during Parliament sessions, he said opposition leaders were aware that the report was coming when Parliament was scheduled to meet. The Monsoon session of Parliament was scheduled to end on Monday but was cut short by one working day and got over on Friday.

BJP leader and former Union minister Rajeev Chandrasekhar said the short-selling firm has clearly attacked market regulator SEBI in an "obvious partnership" with the Congress and has a ominous motive and goal. It is to destabilise and discredit one of the world's strongest financial systems and create chaos in the world's fastest growing economy, he said on X. He said he has read the report which, he claimed, is a classic "Congress style innuendo and lies glued together", aimed at discrediting the regulator and causing chaos and losses in markets for investors to slow down bullish sentiments. He alleged, "I have said often and say again -- many global forces with help of Congress dynasty want to slow down or trip up India's rise. We won't let them."

Union Communications Minister Jyotiraditya Scindia accused the Congress of spreading anarchy and controversies over the Hindenburg Research's allegations against SEBI Chairperson Madhabi Buch. "Congress's work is only to spread anarchy and entangle the country in controversial matters," said Scindia while responding to reporters' query on the Hindenburg Research report. The Guna MP said PM Narendra Modi and BJP workers are carrying the torch of development and progress, whereas the Congress has been trying to mislead the country and keep it in the dark for years.  

The Hindenburg Research on Saturday launched a 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. In a blogpost, Hindenburg said 18 months since its damning report on Adani, "SEBI has shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities."

The SEBI chairperson and her husband have rejected the allegations levelled against them as baseless and asserted that their finances are an open book.