'This Is A Joke': TMC MP Mahua Moitra Hits Out At SEBI For Seeking More Time In Adani Probe

SEBI wants an extension to "protect their favourite businessman so that he can have as much time as possible to cover up," according to Mahua Moitra.

Trinamool Congress (TMC) MP Mahua Moitra slammed market regulator SEBI on Saturday (April 29) after it sought a six-month extension from the Supreme Court to complete its investigation into possible violations of securities market laws and regulatory disclosures by billionaire Gautam Adani's Adani group. The regulator, according to Mahua Moitra, wants an extension to "protect their favourite businessman so that he can get maximum time to cover up."

In a tweet, the TMC leader said: "This is a joke. @SEBI_India has been investigating since October 2021 when they replied to my letter of July. While they prima facie see violations (no surprise)-they want 6 months to protect their favorite businessman so that he can get maximum time to cover up."

After a damaging report by US short seller Hindenburg Research wiped out more than USD 140 billion of the Adani Group's market value, the Supreme Court on March 2 asked the Securities and Exchange Board of India to investigate the matter within two months and also set up a six-member expert panel to look into the protection of Indian investors.

The regulator stated in its application that it needed more time "to conduct a proper investigation and arrive at verified findings." Further investigations, according to SEBI, are required in cases where preliminary findings point to violations of securities laws.

READ | Adani-Hindenburg Issue: SEBI Seeks Six-Month Extension To Complete Probe, Says Report

Meanwhile, senior Congress leader Jairam Ramesh reiterated the opposition's call for a joint parliamentary committee (JPC) investigation, claiming that the expert committee "cannot (and will not want to) investigate the entire political science and business practises of the Group."

"I hope this SEBI request is not an attempt to bury the scam or drag it out in the hope that the furore will die down," he tweeted.

"According to the SEBI Chairperson, the Adani matter is the elephant in the room." "Surely, given the free run this particular 'haathi mere saathi' has had in all these years of Mitr Kaal, it deserves to be treated with greater urgency," the Congress general secretary in charge of communications added.