Adani Insider Trading Allegations Stir Debate over SEBI's Role

The Congress questions SEBI's handling of allegations against Gautam Adani's nephew for insider trading. Despite evidence of violations, SEBI remains slow to act compared to its US counterpart. Concerns grow over preferential treatment for Adani Group amidst unresolved violations of securities laws.

In recent developments, the Congress party has raised concerns over the Securities and Exchange Board of India (SEBI)'s approach towards allegations of insider trading involving Gautam Adani's nephew. The accused has been linked to sharing sensitive information, resulting in gains of Rs 90 lakh.

Congress general secretary Jairam Ramesh criticized SEBI's sluggishness, noting that it's been over two years since the Supreme Court pushed for an investigation into Adani's multiple securities law violations. He called into question SEBI's impartiality in handling cases against the influential business group.

Meanwhile, the US Securities and Exchange Commission (SEC) has actively pursued legal action, citing evidence of substantial bribes offered by Adani Group for contracts. Ramesh pointed out the Modi government's lack of cooperation with the SEC's efforts, highlighting a contrast in international regulatory responses to the ongoing Adani controversy.

(With inputs from agencies.)