Finance Minister Nirmala Sitharaman on Saturday said the country’s regulators are very experienced and are seized of the matter relating to the Adani Group crisis.
The minister was replying to a question on the observations of the Supreme Court on public interest litigations (PILs) alleging exploitation of investors and “artificial crashing” of the Adani Group’s stocks.
Also Read: No EPFO exposure to Adani Group
“I will not disclose here what the government will be saying in the court…India’s regulators are very, very experienced and they are experts in their domain. The regulators are seized of this matter and they are on their toes as always, not just now,” she told reporters after her customary post-Budget address to the RBI
Concerned over protecting the interests of Indian investors, the Supreme Court on Friday favoured creating a robust mechanism to regulate the stock market and sought views of the Centre and market regulator SEBI on PILs alleging exploitation of innocent investors and “artificial crashing” of the Adani Group stocks.
A bench headed by Chief Justice D Y Chandrachud also told Solicitor General Tushar Mehta to convey to the officials of the Securities and Exchange Board of India (SEBI) that it was not “planning any witch hunt”.
Also Read: Adani Group hires US legal firm to fight short-seller
The apex court sought inputs from the finance ministry and others on various issues, including on making the regulatory mechanism robust to protect the interests of investors in the market where capital flow is seamless in modern times.
Adani Group stocks have taken a beating on the bourses after US-based Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the business conglomerate.
The group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.