Won't tell what I will tell Court: FM Nirmala Sitharaman on Adani Group row

 

Finance minister Nirmala Sitharaman on Saturday reacted to a question on the Supreme Court's observation on the Adani-Hindenburg row after a meeting of the RBI Board. "India's regulators are very experienced and they are experts in their domain. Regulators are very seized of this matter.

They are on their toes as always, not just now. So I will leave it there," Sitharaman said. "You obviously not expecting me to tell you what I would tell in the court," the finance minister said.

The Supreme Court on Friday heard a petition seeking the Apex Court's intervention in the Adani row. Chief Justice DY Chandrachud said, "Do we intervene and have a mechanism to ensure this doesn't happen again? We do not want to get into policy matters. That is for the government."

The Supreme Court sought a response from the finance ministry and SEBI on how to ensure the protection of the investors in light of the recent market crash following stock manipulation allegation against the Adani Group, exposed by US firm Hindenburg.

Earlier too, the finance minister allayed investors' fears regarding the issue and asserted that this one incident will not have any impact on India's image in the international market. Both LIC and SBI issued statements clarifying that their exposure to Adani stocks was within the permitted limit, Sitharaman earlier said. 

As the finance minister discussed several aspects of Budget 2023, she said the new tax regime will leave more money in the hands of the taxpayers. On a question on cryptocurrency, the finance minister said India is discussing with G20 nations the need to regulate cryptocurrencies through a common framework.

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