raghuram rajan on adani, Raghuram Rajan asked questions in the Adani-Hindenburg dispute, said- Is SEBI needed in the investigation? – raghuram rajan on adani row: why sebi didn’t get to bottom of issues raised by hindenburg

New Delhi: The American research firm gave its report on the Adani group, after which the controversy continued to grow. The matter reached the Supreme Court. The court ordered an inquiry by forming a six-member committee. Market regulator SEBI has been directed to submit the change report within two months. Now former RBI Governor Raghuram Rajan has raised the question. Former Governor of Reserve Bank of India (RBI) Raghuram Rajan has raised questions on the ongoing investigation in the matter related to Adani Group. He has put the modus operandi of the market regulator SEBI in the dock in the Adani case. He has raised many questions on SEBI.

Former RBI governor Raghuram Rajan has questioned market regulator Sebi for not yet probing the ownership of dubious Mauritius-based firms in the case involving the Adani group. According to Rajan, these four Mauritius-based funds are said to have invested around 90 per cent of their $6.9 billion corpus in Adani Group stocks. When no investigation was done in this matter, he questioned whether SEBI needed the help of investigative agencies for this also?

Mauritius-based Elara India Opportunities Fund, Cresta Fund, Albula Investment Fund and APMS Investment Fund have been under the scanner for the past two years after allegations were made that they were shell companies. These companies were in the news again in January last year when American firm Hindenburg Research alleged that the Adani group used shell companies to inflate the price of its shares. However, the Adani group has repeatedly denied these allegations.

Rajan questioned the stand of the Securities and Exchange Board of India (SEBI) during an email interview with PTI. He said, “The issue is to reduce the non-transparent relationship between the government and the business world, and actually let the regulators do their job. Why has SEBI not yet reached the ownership of Mauritius funds, which Is trading in Adani shares? Does he need the help of investigative agencies for this?” Since these investment funds are registered in Mauritius, their ownership structure is not transparent. Mauritius is one of the few countries where there is no business tax. Adani Group’s shares have fallen heavily after Hindenburg’s report came out. During this period the market capitalization of these companies has halved.