Sep 14, 2023
FM Nirmala Sitharaman’s post-Budget address to Sebi Board delayed
Even though finance minister Nirmala Sitharaman addressed the Reserve Bank of India’s Board on Saturday, her customary post-budget address to the Board of the Securities and Exchange Board of India (Sebi) is yet to be scheduled.
Usually, the finance minister addresses both the RBI and Sebi boards on the same day or a couple of days apart. In 2022, Sitharaman addressed the RBI Board on February 14 and the Sebi Board on the 15th of the month.
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The delay is noted wit curiosity this time following the recent release of a report from Hindenburg Research highlighting governance concerns in the Adani Group and the subsequent crash of the stocks of group firms.
On Monday, the Centre agreed to the Supreme Court’s proposal to have a committee of experts to recommend measures to plug loopholes in the regulatory regime to prevent any loss to Indian investors due to market volatilities as was witnessed during the Adani-Hindenburg episode.
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Meanwhile, SEBI told the Court that it “is already enquiring into both, the allegations made in the Hindenburg report as well as the market activity immediately preceding and post the publication of the report, to identify violations of SEBI Regulations…” including those related to short selling.
Indian regulators are “very experienced” and seized of the matter, Sitharaman had said on Saturday after the RBI Board meeting, on the Adani matter.
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