Adani Group Under Scrutiny: SEBI's Investigation Raises Questions

The Congress has called attention to SEBI's prolonged investigation into offshore funds holding Adani Group shares, accusing the conglomerate of benefiting from delays. Despite SEBI's threat of penalties, the probe continues amid allegations of stock parking and violations. The investigation has stirred political debate on the government's transparency.

The Congress on Tuesday brought attention to media reports claiming that the Securities and Exchange Board of India (SEBI) has cautioned two offshore funds holding Adani Group shares with potential penalties. Congress argues that while the market regulator's actions seem progressive, the probe into the Adani conglomerate has extended beyond two years, allegedly benefiting the group.

No immediate responses were offered by SEBI or the Adani Group following the claims. Congress general secretary Jairam Ramesh has voiced concerns about the ongoing situation, referring to it as the 'double-engine Modani saga'.

Ramesh further stated that SEBI has reportedly threatened penalties and license cancellations of Mauritius-based offshore funds controlled by Elara Capital, accusing them of 'stock parking' against SEBI rules. Despite this, the funds proposed settling the case by paying a nominal fee without admitting guilt, a move considered favorable for the conglomerate.

(With inputs from agencies.)