Congress prods SEBI to act against Adani firms, demands probe by JPC

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  • The Congress on Saturday questioned SEBI’s move of not acting on money laundering allegations against “Adani-linked entities”. 
  • It called for the formation of a joint parliamentary committee to discuss the issue during the special session of Parliament. 
  • Congress general secretary Jairam Ramesh wondered whether SEBI will act now that the Mauritius financial regulator has revoked the licenses of two such entities. 
  • “Even as SEBI professes helplessness, ironically Mauritian regulators have taken stringent action against suspect Adani-linked entities,” the Congress leader said. 
  • The Congress and several other opposition parties have been demanding a JPC probe into the Adani issue claiming that only it can bring out the truth in the matter.

The Congress questioned SEBI’s move of not acting on money laundering allegations against “Adani-linked entities” and called for the formation of a joint parliamentary committee to discuss the issue during the special session of Parliament.

Congress general secretary Jairam Ramesh wondered whether SEBI will act now that the Mauritius financial regulator has revoked the licenses of two such entities.

He also raised his doubts about the credibility of the Securities and Exchange Board of India, asking why the body has failed to inspire confidence as a fair regulator of capital markets in the country.

Ramesh said that the Financial Services Commission (FSC), the Mauritian equivalent of SEBI, revoked the licenses of the controlling shareholder of two Adani-linked funds in May 2022 for violating several laws including the Financial Services Act, the Securities Act, the Financial Intelligence and Anti-Money Laundering Regulations (2003 and 2018), and the Code on the Prevention of Money Laundering and Terrorist Financing.

“Even as SEBI professes helplessness, ironically Mauritian regulators have taken stringent action against suspect Adani-linked entities,” the Congress leader said.

He said Emerging India Fund Management, whose licenses were revoked on these grounds, controlled two funds that were “conduits for Vinod Adani associates Nasser Ali Shaban Ahli and Chang Chung-Ling.” “Ahli and Chang made dubious investments to Adani companies through these very funds,” he alleged.

“Will SEBI awake from its Modi-made slumber, Why is it failing to inspire confidence that it will act as a fair regulator of capital markets and protect the interests of shareholders,” Ramesh asked.

“This is simply more evidence that nothing will happen on the Adani Mega Scam unless a JPC is instituted in the special Parliamentary session,” he asserted.

The Congress and several other opposition parties have been demanding a JPC probe into the Adani issue claiming that only it can bring out the truth in the matter.

The Congress and other opposition parties of the INDIA bloc had earlier stalled proceedings of Parliament demanding a discussion on the issue during the special session of Parliament.

(With inputs from agencies)

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