Piyush Goyal on Adani controversy: Union Commerce and Industry Minister Piyush Goyal on Saturday (February 4) said that the regulators are very much capable of handling the situation and will take appropriate action with regard to the fraud allegations against billionaire Gautam Adani’s companies that led to the unprecedented stock crash.
He also termed as ‘unfortunate’ the stalling of Parliament proceedings by the opposition on the issue.
Goyal said, “Regulators in India are very competent and our financial markets are among the most respected and well-regulated markets in the world. With regard to loss, it is a valuation loss of the stock market and not the assets of a person or people.” loss of.” reporters today.
Criticism by opposition parties,
Responding to the opposition’s criticism that the government is shying away from discussing the Adani issue, and that there has been a loss of around USD 100 billion, he said, “Investment in stocks and shares goes up and down, it is a part of investment.” , but nowhere are the people of India lost those levels of amount that have been mentioned (100 billion USD).
Financial institutions have already made it clear that their money is completely safe and secure, the minister said, adding two major organizations LIC and State Bank, both have come out with the details.
“I think this is a case of a private company, a report which has been brought by a foreign agency on the basis of which certain allegations have been made, whatever the regulators need to do, they will take appropriate action on that.” They said.
Responding to a question, the minister said that there is no guarantee in the stock market anywhere in the world, but banks and financial institutions are constantly monitoring the situation.
“I can assure you that our regulators are very capable of handling the situation.”
The Adani group has lost over USD 100 billion in market value since Hindenburg Research alleged stock manipulation and accounting fraud in a January 24 report. The group has denied any wrongdoing and has threatened to sue Hindenburg.
SEBI on Adani issue,
Asked about the opposition’s criticism that SEBI is not taking any action, Goyal said, “It is the allegation of the opposition, we don’t know what steps they are taking, what information they are collecting. Only SEBI can talk about it.”
He said SEBI is an autonomous regulator and takes decisions independently. On the question of Parliament being stalled over the issue even as the Leader of the House in Rajya Sabha is there, Goyal said, “It is very unfortunate, Parliament is a forum for dialogue and debate.”
“We had to have a debate to discuss the performance of the government, which was expressed in the President’s address, and it was also an opportunity for the opposition to put forward their views and tell the country about our performance. What do they think, instead of stalling the Parliament.”
He also urged the opposition to allow discussion on the motion of thanks to the President’s address and the budget.
Not wanting to answer a question whether the Adani issue has become a tool to attack PM Narendra Modi and his government, the minister said, “I would not like to make such comments. I think people of India are smart.” ” And they will do their justice.”
(With PTI inputs)
Read also: “It’s Not For Center To Answer, Regulators Are Looking At It”, Says FM Sitharaman On Adani Issue
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