New Delhi. The Congress on Wednesday questioned whether the foreign portfolio investors (FPIs) involved in the alleged scam involving the Adani Group had given details of their real owners to the Securities Exchange Board of India (SEBI), while the last date for giving this information was September 9.
Party General Secretary Jairam Ramesh also said that SEBI should follow the prescribed norms honestly.
In the report of American organization ‘Hindenburg Research’, allegations of irregularities were made against Adani Group and Congress is continuously attacking this business group regarding this. Adani Group has rejected all the allegations.
Ramesh posted on ‘X’, “Today is September 11. It has been two days since the SEBI deadline for foreign portfolio investors (FPIs) to disclose the names of beneficial owners of their holdings, who are accused of holding almost the entire share of their equity portfolio in a single corporate group. The deadline for this was September 9.” He says that the Congress had raised this issue a few days ago that two Mauritius-based foreign portfolio investors have filed a petition in the Securities Appellate Tribunal seeking immediate relief from complying with the new “Foreign Investors Norms” which are part of the revelations being made in the “Modani mega scam”.
Ramesh questioned, “Are all FPIs required to disclose the details of their ultimate beneficial owners to SEBI to comply with these norms? Which FPIs have complied with this and which have failed to do so? In particular, have the FPIs involved in the “Modani mega scam” given the details of their real owners to SEBI?” He claimed, “As part of its initial decisions on the Modani mega scam, the Supreme Court had ordered that SEBI investigate the violations committed by these FPIs within two months.”
He questioned why it took 18 months to implement this new norm. The Congress general secretary asked, “Did this extended time period of 18 months between the Supreme Court’s decision and the compliance date for FPIs allow these funds and their owners to divest from stocks and defeat the very purpose of transparency that these norms were meant for? If yes, what is SEBI’s plan to ensure that the norms of integrity are met?”