Congress prods SEBI to act against Adani firms, demands probe by JPC

The Congress on Saturday questioned SEBI’s 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 the Securities and Exchange Board of India, 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.