Skip to content
Hindi News, हिंदी समाचार, Samachar, Breaking News, Latest Khabar – Pratirodh

Hindi News, हिंदी समाचार, Samachar, Breaking News, Latest Khabar – Pratirodh

Primary Menu Hindi News, हिंदी समाचार, Samachar, Breaking News, Latest Khabar – Pratirodh

Hindi News, हिंदी समाचार, Samachar, Breaking News, Latest Khabar – Pratirodh

  • Home
  • Newswires
  • Politics & Society
  • The New Feudals
  • World View
  • Arts And Aesthetics
  • For The Record
  • About Us
  • Featured

‘Is There Pressure On NSE, SEBI To Go Easy On Adani Group?’

Feb 9, 2023 | Pratirodh Bureau

The logo of the Adani Group is seen on the facade of one of its buildings on the outskirts of Ahmedabad (Pic: Reuters)

The Congress alleged on Thursday that the National Stock Exchange (NSE) “failed” to take action against the embattled Adani Group and asked if there was “pressure” on the bourse and market regulator SEBI to go easy on the conglomerate.

Congress general secretary Jairam Ramesh posed a set of three questions to Prime Minister Narendra Modi as part of the party’s “HAHK (Hum Adani ke Hain Kaun)” series to target the government in the wake of the fraud-allegation-triggered rout in Adani Group company stocks.

Ramesh alleged that the “failure” of market regulators like the Securities and Exchange Board of India (SEBI) to protect Indian capital markets has “tarnished” their image and put a question mark on the integrity of India’s financial markets.

In a statement addressing the prime minister, Ramesh said, “You (PM) have used strong words in the past, calling on world leaders at G20 meets ‘to eliminate safe havens for economic offenders’, to ‘track down and unconditionally extradite money launderers’ and to ‘break down the web of complex international regulations and excessive banking secrecy that hide the corrupt and their deeds’.”

“Yet these same world leaders cannot have missed the high degree of tolerance you have shown for such activities by your own cronies,” Ramesh said, attacking Modi.

The opposition has been demanding a joint parliamentary committee probe or a Supreme Court-monitored investigation into the allegations of fraud and manipulation made by the US-based short seller Hindenburg Research against billionaire Gautam Adani’s companies that triggered an unprecedented stock crash. The group has denied the charges.

The opposition parties have alleged that the meltdown in Adani Group shares is a “mega scam” that involves common people’s money as public sector entities like LIC and SBI have invested in them and have questioned the government on steps taken by it.

Ramesh said there are serious charges of “brazen stock manipulation” against the Adani Group.

“The collapse in publicly-listed stock prices following the publication of these allegations has financially damaged lakhs of retail investors who invested in Adani Group stocks after being duped by artificially-inflated prices. The value of Adani Group stock crashed by Rs 9,50,000 crore between January 24 and February 6, 2023,” Ramesh said.

He said that on July 19, 2021, the Ministry of Finance had “admitted” to Parliament that the Adani Group was under investigation for violating SEBI regulations.

“Yet Adani Group stock prices were allowed to spiral after that. When will SEBI be held accountable for this serious lapse and allowing the destruction of huge retail savings? Did the Modi government put pressure on SEBI to go slow in its investigation?” he said.

Ramesh said that for all his talk of cracking down on illicit flows of black money, the prime minister’s “favourite business group” is alleged to have manipulated stock prices using offshore shell companies and related parties posing as investment funds to bypass SEBI regulations.

“One of the egregious cases is that of the Monterosa group that has owned as much as USD 4.5 billion (Rs 37,000 crore) of Adani Group stock. The CEO of this supposedly independent firm is allegedly linked to a fugitive diamond merchant whose son is married to Vinod Adani’s (Gautam Adani’s brother) daughter. Other large funds are known to invest almost exclusively in Adani Group companies, which is unusual for an investment fund,” he claimed.

The Finance Ministry told Parliament that SEBI had frozen the accounts of certain funds operated by the Monterosa group in 2016, but no further action is evident, Ramesh said.

“What has SEBI done to properly investigate these dubious benami companies?” the Congress leader asked.

“If not, what is the leverage that the Adani Group exercises that has prevented the full force of India’s regulators and investigative agencies from unravelling the truth? What did Gautam Adani discuss in person with SEBI chairperson Madhabi Puri Buch in October 2022?” he alleged.

Ramesh also claimed that the inclusion of Adani Enterprises in the widely used National Stock Exchange (NSE) Nifty 50 index in September 2022 has proven “controversial”.

“It had questionable fundamentals, an excessive price-to-earning ratio and a tiny free float. Adding Adani Enterprises compelled seemingly conservative Nifty index funds to make significant purchases of this risky stock, including the Employees Provident Fund Organisation, India’s largest pension fund,” Ramesh claimed.

In recent days, global stock indices have suspended Adani Group companies while the matter is investigated, but the NSE has “failed” to take any similar action to protect investors, he claimed.

“Is it not SEBI’s responsibility to protect investors by taking strict action?” Ramesh said. “Is there pressure from the Prime Minister’s Office on the NSE and SEBI to go easy on the Adani Group in an effort to bail it out?” the Congress general secretary asked.

(Source: PTI)

Tags: Adani Group, black money, Congress, Hindenburg Research, Pratirodh, SEBI, Securities and Exchange Board of India

Continue Reading

Previous Actual Covid Infections In India 17 Times Higher Than Reported: BHU Study
Next India’s Push To Use Sugar For Fuel May Lead To Problems

More Stories

  • Featured

Cease ‘Mass Forced Evictions’ At Angkor Wat: Amnesty International

46 mins ago Pratirodh Bureau
  • Featured

Palestinians Mark 47th Land Day Amid Calls To End Israeli Occupation

3 hours ago Pratirodh Bureau
  • Featured

Sexual Harassment: Kalakshetra Closes College Till April 6

19 hours ago Pratirodh Bureau

Recent Posts

  • Cease ‘Mass Forced Evictions’ At Angkor Wat: Amnesty International
  • Palestinians Mark 47th Land Day Amid Calls To End Israeli Occupation
  • Sexual Harassment: Kalakshetra Closes College Till April 6
  • Not An Imperial King: Grand Jury Indicts Ex-US Prez Donald Trump
  • Rahul, Modi & Politics With The Gloves Off
  • Treated Wastewater Reuse Could Cut 1.3 Million Tonnes Of Emissions
  • ‘Global Scamsters’ Defending PM: Congress On Lalit Modi Tweet
  • Most Himalayan Glaciers Analysed Melting At Varying Rates: Govt
  • Beyond Patriarchy: Matrilineal Societies Exist Around The World
  • Rahul Gandhi To Launch Agitation From Kolar On April 5
  • Nagaland Scientist’s Tiny Sensor To Tell If Food Is Spoiled
  • ‘Attack Me…Not Freedom Fighters’: Ro Khanna
  • ‘Convenor Of Corrupt Alliance’: Kharge On Modi
  • Earlier Covid Origin Disclosure May Have Saved Political Argy-Bargy
  • Can We Trust Machines Doing The News?
  • Olive Ridley Turtle Nesting Site In Konkan Faces New Threat
  • Petty Politics Of Petty Men: Kapil Sibal’s Swipe At Govt
  • Since Musk Took Over, Antisemitism On Twitter More Than Doubled
  • ‘Govt Is Scared Of Probe In Adani Case, Has No Reply To Rahul’s Questions’
  • India’s Heat Action Plans Fail To Identify, Target Vulnerable Groups: Report

Search

Main Links

  • Home
  • Newswires
  • Politics & Society
  • The New Feudals
  • World View
  • Arts And Aesthetics
  • For The Record
  • About Us

Related Stroy

  • Featured

Cease ‘Mass Forced Evictions’ At Angkor Wat: Amnesty International

46 mins ago Pratirodh Bureau
  • Featured

Palestinians Mark 47th Land Day Amid Calls To End Israeli Occupation

3 hours ago Pratirodh Bureau
  • Featured

Sexual Harassment: Kalakshetra Closes College Till April 6

19 hours ago Pratirodh Bureau
  • Featured

Not An Imperial King: Grand Jury Indicts Ex-US Prez Donald Trump

23 hours ago Pratirodh Bureau
  • Featured

Rahul, Modi & Politics With The Gloves Off

23 hours ago Shalini

Recent Posts

  • Cease ‘Mass Forced Evictions’ At Angkor Wat: Amnesty International
  • Palestinians Mark 47th Land Day Amid Calls To End Israeli Occupation
  • Sexual Harassment: Kalakshetra Closes College Till April 6
  • Not An Imperial King: Grand Jury Indicts Ex-US Prez Donald Trump
  • Rahul, Modi & Politics With The Gloves Off
Copyright © All rights reserved. | CoverNews by AF themes.