Adani case threatens watchdog’s rising credibility
06/07/2023 01:45
(The author is a Reuters Breakingviews columnist. The opinions
expressed are her own.)
By Shritama Bose
MUMBAI, July 6 (Reuters Breakingviews) - Indian
regulator Sebi has disciplined two media tycoons for alleged
wrongdoing and strengthened disclosures for foreign investors.
The moves fit Chair Madhabi Puri Buch’s tough reputation. But an
inconclusive probe into the billionaire’s dealings could
undermine recent progress.
Full view will be published shortly.
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CONTEXT NEWS
The Securities and Exchange Board of India on June 28 laid
down tighter disclosure norms for offshore funds that have
invested more than half of their assets under management in a
single group of companies and more than 250 billion rupees ($3
billion) in the country’s equity markets.
The markets regulator on June 12 barred Zee Entertainment
Enterprises CEO Punit Goenka and Chair Emeritus Subhash Chandra
from holding key managerial positions in any listed company.
In a separate order dated June 22 Sebi barred Eros group
Managing Director Sunil Arjan Lulla and three group entities
including Eros International Media from the securities market,
citing accounting irregularities.
India's markets watchdog has "drawn a blank" in
investigations into suspected violations in overseas investments
in the Adani group and its pursuit of the case could be a
"journey without a destination", a six-member panel of experts
appointed by the Supreme Court has said, Reuters reported on May
19, citing the panel’s report dated May 6.
The top court on May 17 pushed the deadline for Sebi to
complete its investigation into possible violation of securities
law and regulatory disclosures by the Adani group to Aug 14.
from May 2.
(Editing by Antony Currie and Katrina Hamlin)
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