Nirmala Sitharaman On Adani Group Row: Won’t Tell What I Will Tell Court

After a meeting of the RBI Board on Saturday, Finance Minister Nirmala Sitharaman responded to a question about the Supreme Court’s observation on the Adani-Hindenburg row.

“India’s regulators are highly experienced and they are experts in their domain. Regulators are very seized of this matter. They are always on their toes, not just now. So, I’ll leave it at that, “Sitharaman explained. “You obviously did not expect me to tell you what I would tell in court,” said the finance minister.

The Supreme Court heard a petition on Friday seeking the Supreme Court’s intervention in the Adani case. CJI DY Chandrachud questioned, “Do we intervene and have a mechanism in place to prevent this from happening again? We are not interested in discussing policy. That is the responsibility of the government.”

The Supreme Court requested a response from the finance ministry and SEBI on how to protect investors in light of the recent market crash caused by a stock manipulation allegation against the Adani Group, which was exposed by the US firm Hindenburg.

Previously, the Finance Minister allayed investors’ concerns about the issue, claiming that this one incident will have no impact on India’s image in the international market.

Sitharaman previously stated that both LIC and SBI issued statements clarifying that their exposure to Adani stocks was within the permitted limit.

As the finance minister discussed various aspects of Budget 2023, she stated that the new tax regime will leave more money in the hands of taxpayers. In response to a question about cryptocurrency, the finance minister stated that India is discussing with G20 nations the need to regulate cryptocurrencies through a common framework.