The Congress expressed optimism on Wednesday that SEBI will use all available tools to get information on the ultimate beneficial ownership of foreign assets involved in the Adani group.
The party also argued that privacy and confidentiality should not be used as a justification to damage the public interest.
It made this remark in response to a media story that said several overseas funds involved in Adani group firms had rejected to reveal who their beneficial owners were, claiming client confidentiality and foreign privacy regulations.
Jairam Ramesh, the general secretary in charge of communications for the Congress, tweeted in reference to the report, “We hope SEBI will use all the means at its disposal to get clarity about ultimate beneficial ownership of these funds given the serious and credible allegations of money-laundering, round-tripping, and securities laws violations against the Adani Group.”
He emphasised that the public interest must not be compromised under the guise of secrecy and privacy, noting that this is how Swiss banks got away with it for years.
The Congress leader stated: “Given a more than ten-year-old G20 initiative to increase international financial transparency, it would be unfortunate (but not inexplicable) if the Modi government were to choose the interests of its allies over financial integrity during India’s much-trumped-up G20 presidency.
Ramesh said that all of this strengthens the argument in favour of a Joint Parliamentary Committee (JPC).
Giving the Securities and Exchange Board of India (SEBI) a six-month extension to wrap up its inquiry into the alleged stock price manipulation by the Adani group may give the impression that the issue is not being taken seriously and is instead being “buried,” the Congress had warned on Monday.
The Supreme Court has received a petition from market regulator SEBI asking for more time to conclude its inquiry.
After a damning report by a US short-seller destroyed more than $140 billion of the conglomerate’s market value, the top court ordered SEBI to investigate the alleged stock price manipulation by the Adani group within two months and also established a panel to look into the protection of Indian investors.
After US-based Hindenburg Research made a long list of accusations against the Adani group, including fraudulent transactions and share-price manipulation, the opposition, led by the Congress, has been calling for a Joint Parliamentary Committee investigation.
The Gautam Adani-led organisation has denied the accusations and said that they adhere to all legal and transparency standards.
