Deeply worrying: SEBI's inability to reach conclusive finding on allegations of round-tripping by Adani Group

Congress on Saturday said stock market regulator Securities and Exchange Board of India's (SEBI) inability to reach a conclusive finding on the allegations of round-tripping and money laundering by the Adani Group was deeply worrying.

Congress general secretary Jairam Ramesh said the SEBI has admitted this in its status report to the Supreme Court and added only a Joint Parliamentary Committee (JPC) can examine how the government flouted norms and procedures to help Prime Minister Narendra Modi's favourite business group.

The inability of the SEBI to reach a conclusive finding on allegations of round-tripping and money laundering by the Adani Group, as it has admitted in its 25th August 2023 status report to the Supreme Court, is deeply troubling, Ramesh said in a statement.    Sharing the statement on X, he posted, SEBI's inability to reach a final conclusion in the matter of round-tripping and money-laundering allegations against the Adani Group is deeply worrying.

Congress leader said that of the 24 matters SEBI investigated relating to the matter, two still have interim status. Ramesh said one of the interim reports relates to the important question of whether Adani violated the Minimum Public Shareholding requirement under Rule 19A of the Securities Contracts (Regulation) Rules.

In simple terms, did Adani use opaque entities based in overseas tax havens to engage in the kind of round-tripping and money laundering that the PM has always claimed to oppose? SEBI has stated that the reason for delay is that information from external agencies and entities is still awaited, he added.

The reintroduction of strict reporting rules following the SEBI board's 28 June 2023 meeting represents a public admission of guilt by the regulatory body, even though the horse has bolted the stable, Ramesh claimed. Final reports on these critical questions are awaited. Will the SEBI do its fiduciary duty and identify the source of the Rs 20,000 crore of benami overseas funds that have flowed into the Adani Group? he asked.

अडानी ग्रुप पर लगे राउंड-ट्रिपिंग और मनी-लॉन्ड्रिंग के आरोपों के मामले में किसी अंतिम निष्कर्ष पर पहुंचने में SEBI की अक्षमता बेहद चिंताजनक है।

25 अगस्त 2023 को सुप्रीम कोर्ट में दाख़िल SEBI की स्टेटस रिपोर्ट पर हमारा बयान।

SEBI's inability to reach a final conclusion in the… pic.twitter.com/0FQS0mhPnR

— Jairam Ramesh (@Jairam_Ramesh) August 26, 2023