“Regulators Are Always On Their Toes”: Finance Minister On Adani Stock Crash
In view of the observations of the Supreme Court on PILs alleging exploitation of investors and “artificial crashing” of the Adani Group’s stocks, Finance Minister Nirmala Sitharaman called the country’s regulators experienced in the matter of Adani Group crisis.
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 this matter, and they are on their toes as always, not just now,” she told reporters after her customary post-Budget address to the Reserve Bank of India (RBI) board.
The SC in view of supporting Indian investors, it favoured creating an expert panel to examine the Adani Group stock crash and sought views of the Centre and market regulator Securities and Exchange Board of India (SEBI).
The top court sought inputs from the Finance Ministry and others on various issues, including making the regulatory mechanism robust to protect the interests of investors in the market where capital flow is seamless in modern times.
Adani Group stocks have taken a beating on the bourses after US-based Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the business conglomerate.