National Desk
9 September
Sandeep Dhand Ludhiana
Congress General Secretary Jairam Ramesh has criticized SEBI for the slow progress in its investigation into the Adani Group’s alleged regulatory violations. The criticism follows a media report revealing that two Mauritius-based Foreign Portfolio Investors (FPIs) linked to the Adani Group have filed an application in the Securities Appellate Tribunal. The FPIs are seeking immediate relief from complying with SEBI’s new foreign investor regulations, which are to be enforced by September 9, 2024.
Ramesh pointed out that these FPIs are accused of violating rules meant to prevent excessive investment in a single stock, which could potentially be a conduit for black money returning to India through tax havens like Mauritius. He expressed concern that SEBI has yet to fully answer many critical questions related to the Adani Group’s activities, despite the Hindenburg Research report from January 2023 highlighting these issues. The Congress leader emphasized the need for strict enforcement of regulations to protect the integrity of India’s capital markets and to prevent illicit financial activities.