Adani issue: Is SEBI move to seek more foreign fund details PR exercise, asks Cong
PTI, May 25, 2023, 4:24 PM IST
The Congress on Thursday said the SEBI has asked for details of financial institutions owning certain foreign funds and asked whether the market regulator can enforce this now or it was another gesture to exonerate the Adani group.
Congress general secretary communications Jairam Ramesh, quoting a media report, also asked on Twitter whether the move is a belated PR exercise to say ”we tried but failed…” and how the SEBI would complete its investigation into the Adani issue before deadline fixed by the Supreme Court.
The apex court on Wednesday granted the Securities and Exchange Board of India (SEBI) time till August 14 to complete its investigation into the allegations of stock price manipulation by the Adani group and asked the market regulator to place on record an updated status report of the probe.
”Zara Chronology Samjhiye: First, SEBI suddenly loosens ownership regulations for Foreign Portfolio Investors so as to make them opaque. Then, the Adani Group takes full advantage of this opacity tailor-made for it by its Patron Minister. Then, the ‘Modani Saga’ gets unravelled. Congress and other parties hammer away at need for JPC. Modi government instead settles for Supreme Court expert committee,” Ramesh tweeted tagging the media report.
The Congress has been demanding a joint parliamentary committee (JPC) probe into the Adani issue.
”The SC expert committee holds SEBI accountable for making ownership regulations non-transparent. So, SEBI in response to Congress party’s persistence and expert committee’s finding gets into damage control mode, asking for detail of financial institutions behind certain funds,” he alleged.
The Congress leader asked, ”Whether SEBI can enforce this now without getting entangled in court cases. Is it a belated PR exercise to say later — we tried but failed, what can we do?”.
”And if the information is required by September, how is it expected to arrive before the Supreme Court’s August 14 deadline to SEBI? Or is this is yet another token gesture at the end of which Modani gets exonerated and legitimised,” Ramesh asked.
The Congress has been alleging that the Adani group has indulged in ”financial malpractices” as reported by US-based short seller Hindenburg Research. The short-seller had made a litany of allegations, including fraudulent transactions and share-price manipulation, which led to stock crash of Adani group shares.
The Adani group has, however, denied all the allegations and said there has been no wrongdoing on its part.
The Congress had earlier come out with a set of 100 questions on the Adani issue and had sought answers from the prime minister, asking him to break his silence on the matter.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Maharashtra Assembly Elections 2024 | Congress in clutches of urban naxals, became puppet of people with divisive agenda: J P Nadda
Even if Indira Gandhi returns from heaven, Article 370 will not be restored: Amit Shah
Jharkhand Assembly Elections 2024 | EC orders suspension of IPS officer posted as observer for dereliction of duty
PM Modi to visit Bihar’s Jamui to commemorate Janjatiya Gaurav Divas
BJP to launch ‘Parivartan Yatra’ ahead of Delhi Assembly polls
MUST WATCH
Latest Additions
Mangaluru: Lecturer succumbs to food allergy; Organs donated
Byelections: 81.84 per cent voter turnout in bypolls in three Assembly segments in Karnataka
Karnataka sets up panel for internal reservation among STs
Maharashtra Assembly Elections 2024 | Congress in clutches of urban naxals, became puppet of people with divisive agenda: J P Nadda
Even if Indira Gandhi returns from heaven, Article 370 will not be restored: Amit Shah
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.