The Securities and Exchange Board of India (SEBI) has requested a six-month extension from the Supreme Court to complete its investigation into possible lapses in securities market laws and regulatory disclosures by the Adani Group.
This move by the market regulator has been criticised by Mahua Moitra. The powerhouse Trinamool Congress MP, known for being articulate in her criticism of the government, has alleged that SEBI is trying to protect its favourite businessman, Gautam Adani, by allowing him time to cover up his actions.
She tweeted that SEBI has been investigating the matter since October 2021 when they replied to her letter of July. While SEBI prima facie sees violations, they are seeking six more months to give Adani the time to cover up his actions.
“This is a joke. @SEBI_India has been investigating since October 2021 when they replied to my letter of July. While they prima facie see violations (no surprise)-they want 6 months to protect their favorite businessman so that he can get maximum time to cover up," she tweeted.
The Supreme Court asked SEBI to investigate the matter within two months and had set up an expert panel to look into the protection of Indian investors following a damaging report by US short seller Hindenburg Research.
The report wiped out more than $140 billion of the Adani Group's market value. SEBI said that further investigations were necessary in cases where preliminary findings point to violations of securities laws.
Meanwhile, senior Congress leader Jairam Ramesh has called for a probe by a joint parliamentary committee (JPC), saying the expert committee “cannot (and will not want to) investigate the entire political science and business practices of the Group". He hopes that the request for an extension is not an effort to bury the scam or drag it out in the hope that the furore will die down.
SEBI Chairperson Madhabi Puri Buch, while calling the Adani issue “"elephant in the room", earlier refused to comment on it during her media appearance in late March as the matter was sub-judice.
This is a joke: TMC MP Mahua Moitra accuses SEBI of trying to ‘cover up’ Gautam Adani on Hindenburg | Mint - Mint
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