Congress claims that the NSE has lifted further surveillance on Adani Group shares and concerns SEBI’s ‘inaction’

The Congress asserted on Friday that the National Stock Exchange (NSE) has lifted further surveillance on some Adani Group firm stocks and questioned why the Securities and Exchange Board of India (SEBI) is allowing investors to take on additional exposure to these equities.

As part of the opposition party’s “Hum Adanike Hain Kaun” series, the general communications secretary of the Congress, Jairam Ramesh, submitted questions to Prime Minister Narendra Modi on Twitter Adani issue.

“Another day of postponement and demonstration. The “Maha Mega Scam” involving Adani and its ties to the Prime Minister continues to be the topic of opposition agitation and government stonewalling. Here is HAHK (Hum Adanike Hain Kaun)-31. Chuppi Todiye Pradhan Mantri ji” tweeted Ramesh.

He asserted that while global index providers such as MSCI, S&P Dow Jones, and FTSE Russell were reviewing the position of Adani stocks in their equity indices, the NSE went in the opposite direction and included five Adani Group companies in no less than 14 indices beginning on Monday, March 20. This was mentioned in the HAHK series on February 20.

Last week, according to Ramesh, the NSE declared that Adani Enterprises, Adani Power, and Adani Wilmar would, as of Friday, March 17th, exit the framework of the additional surveillance mechanism designed to safeguard investors from undue risk.

“Can the timing be a mere coincidence? Why is SEBI standing by as the NSE protects the interests of the Adani Group over that of lakhs of small investors? “Why is SEBI permitting index investors to take on further exposure to Adani Group equities while financial advisors have been urging their customers to avoid investing in Adani Group stocks?” questioned the Congress leader.

In another poster created by Ramesh, he stated that the CEO of the Bank of Baroda stated that the bank would continue lending money to the business conglomerate led by businessman Gautam Adani over a month after accusations of misconduct within the Adani Group.

“This statement was made when the value of Adani collateral in the form of pledged stock had plummeted by more than fifty percent, prompting margin calls by large global lenders concerned about repayment and raising new questions about the group’s ability to service and repay its enormous debt. Remember that the Bank of Baroda is a prominent public sector bank owned by the people of India and not by Prime Minister Modi or the CEO.

“Was this yet another instance of your administration using telemarketing? Is it true that the CEO was requested to clarify his comments by Members of Parliament on March 6, 2023 at a historically significant south Indian area, and if so, will you share his response with the people of India?” Ramesh inquired.

The Congress member of the Rajya Sabha further stated that the Gujarat Maritime Board (GMB), which was established in 1982 to handle the state’s “smaller ports,” “appears to have become merely another instrument for your associates’ gain.”

According to a 2014 Comptroller and Auditor General (CAG) audit, Adani Ports benefited to the tune of Rs 118.12 crore after the GMB incorrectly applied royalty rates to a newly-built quay at the Mundra port.

“Most crucially, the CAG determined that ‘no system existed to monitor the construction activities at the private ports’ and that the MIS lacked performance-related information on the ports’ activities. Thus, the benefit to Adani Ports, the main port player in the state, of this non-existent monitoring might have been multiples of the Rs 118 crore witnessed,” he said.

In the HAHK series, the Congress leader has thus far posed 93 questions to the government.

Since US-based short seller Hindenburg Research published a report claiming financial irregularities and stock manipulation by the business firm, the Opposition party has been attempting to corner the BJP-led Government on the Adani matter.

The Adani Group has denied any misconduct and rejected the allegations.

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