SC verdict on Adani group transactions proven extraordinarily generous to SEBI: Cong

New Delhi, Jan 3 (UNI) The Congress on Wednesday raised doubts whether SEBI could complete the investigation in three months into the alleged violation of securities laws and stock manipulation by the Adani Group.

Reacting to the Supreme Court judgment on the Adani-Hindenburg case, Congress leader and General Secretary (Communications) Jairam Ramesh in a statement said that when SEBI failed to complete its investigation into the violation of securities laws and stock manipulation by the Adani Group and its associates in ten months, “it is unclear what will change in the next three months other than the Model Code of Conduct for the Lok Sabha election coming into effect”.

He said, “The Supreme Court judgment today on certain matters relating to transactions by the Adani Group has proven extraordinarily generous to SEBI”.

He mentioned that, “The Court is right to observe that news reports are not a substitute for a proper SEBI investigation. However, it is concerning that SEBI has asked for extension after extension while the media has produced exposé after exposé”.

“Those describing this judgement as a “clean chit” are the same as those who described the Expert Committee report as a “clean chit”, Mr Ramesh said.

The Congress leader also alleged that with regards to the Modani MegaScam, SEBI’s mandate is limited to violations of securities regulations.

To get to the bottom of the Modani MegaScam, nothing less than a JPC will do, Mr Ramesh demanded.

Earlier today, the Apex Court refused to transfer the Adani-Hindenburg case from SEBI to SIT saying that the power of the SC to enter the regulatory framework of the SEBI is ‘limited’.

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