Congress prods SEBI to act against Adani firms, demands probe by JPC
Congress on Saturday questioned Securities and Exchange Board of India's (SEBI) 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 licences of two such entities.
He also raised his doubts about the credibility of SEBI, 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 licences 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 licences 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
