Investors expect SEBI will faithfully fulfil mandate of protecting their interests, says Cong on Adani issue

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The Congress on Friday said lakhs of investors expect that SEBI will faithfully fulfil its mandate of protecting their interests, and ensure transparency and accountability while probing the "opaque network of shell companies" that have allegedly funnelled crores into Adani companies.

The Congress' assertion came after the Supreme Court said it may consider granting three more months to SEBI for concluding its probe into the allegations of stock price manipulation by the Adani group and lapses in regulatory disclosure, and listed a batch of PILs and plea by the market regulator on May 15.

Tagging a media report on the Supreme Court's observations in the matter, Congress general secretary Jairam Ramesh said in a tweet, "Supreme Court has given time till August 15th for SEBI to submit its report on the Adani Group."

"Lakhs of investors expect that SEBI will faithfully fulfil its mandate of protecting their interests, and ensure transparency and accountability while probing the opaque network of shell companies that have funnelled at least Rs 20,000 crore of benami funds into Adani companies," he said.

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While SEBI tries to "unravel the Adani scam only a JPC can unearth the Modani nexus", Ramesh said. The Congress has been demanding a Joint Parliamentary Committee (JPC) probe into the allegations against the Adani Group by US-based short-seller Hindenburg Research. The Adani Group has dismissed the allegations as baseless.

A bench of Chief Justices DY Chandrachud and Justices PS Narasimha and JB Pardiwala on Friday said the court registry has received the report of the apex court-appointed Justice (retd) AM Sapre committee on the issue and would like to hear the matter on Monday after perusing the findings of the panel.

During the hearing, the bench told Solicitor General Tushar Mehta, appearing for SEBI, that it may grant the market regulator three months instead of six it has sought to wrap up the probe into allegations of stock manipulation.

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