SEBI should not become another SBI, 'too scared to touch the sacred': Cong

The Congress on Wednesday hoped that the SEBI tasked with probing charges of alleged stock manipulation by the Adani Group would not seek further extension for presenting its report in the Supreme Court to push the deadline past the election date.

Congress general secretary Jairam Ramesh said the Securities and Exchange Board of India (SEBI) should not become another SBI, which is ”too scared to touch the sacred”. In a post on X, Ramesh said the Hindenburg Research had levelled grave allegations of stock manipulation and violation of securities laws on the Modani group last year.

The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

Ramesh said, ”The SEBI was tasked with submitting a report on these allegations by 14th August, 2023. After it demanded repeated extensions, the Supreme Court gave SEBI time till today, April 3rd, 2024.

”We look forward to the SEBI submitting its report to the Court today, and we hope it does not seek another extension to push the deadline past the election date,” he said in the post.

”SEBI should not become another SBI–too scared to touch the sacred,” he also said.

”That said, the SEBI’s mandate is limited – only a JPC can unravel the real breadth and depth of the Modani scam, as evinced by our Hum Adani Ke Hain Kaun (HAHK) series of 100 questions to the Prime Minister between February-April 2023,” Ramesh also said.

”Another 3 months and the JPC will become a reality,” he asserted.

The seven-phase Lok Sabha polls will begin on April 19. The Congress has been asking a series of questions from the government on the Adani issue, demanding answers on what Ramesh has been alleging is a ”scam”.