Seized of matter, regulators on toes: FM on Adani row

New Delhi, February 11

Finance Minister Nirmala Sitharaman on Saturday said Indian market regulators were very experienced, on their toes and were seized of issues arising out of the Adani-Hindenburg issue.

On the Supreme Court remarks on a public interest litigation (PIL) over the alleged exploitation of investors by the Adani Group, Sitharaman said, “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 the matter and they are on their toes as always, not just now.” The Finance Minister was speaking after her customary post-Budget address to the RBI’s Board.

Adani group firms pledge shares

• Three Adani group companies have pledged shares to the lenders of the flagship Adani Enterprises
• The flagship company pulled a $2.5 billion share sale during the recent market rout, a debt trustee firm said
• Adani Ports, Adani Transmission Ltd and Adani Green Energy Ltd pledged shares to SBICAP Trustee Co, the firm said

Concerned over protecting the interests of 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. The Supreme Court has sought inputs from the Finance Ministry and others on the issue.

Won’t give details

I will not disclose what the govt will be saying in the court… The regulators are seized of this matter and they are on their toes as always. —Nirmala Sitharaman, Finance Minister

The Adani Group stocks have taken a beating on the bourses in the face of allegations of stock manipulation by US-based Hindenburg Research.

Sitharaman also said the new tax regime would hugely benefit the middle class by leaving more money in their hands. On regulation of crypto assets, the FM said the issue would be part of G20 discussions. “Crypto is heavily tech led and less of human intervention. We are talking to all nations that if regulation has to be framed then one country alone cannot frame it. So we are speaking to all for forming a standard operating procedure (SOP) so that it is effective,” she added.