India is a well-governed and well-regulated financial market wherein regulators are “very stringent” about certain governance practices, Finance Minister Nirmala Sitharaman told CNN-News18 in an exclusive post-Budget interview when asked about the latest row concerning the Adani Group.
Speaking to Rahul Joshi, Group Editor-in-Chief, Network18, Sitharaman said the exposure of the State Bank of India and Life Insurance Corporation has been within the permitted limits.
“India remains a well-governed, well-regulated financial market. Our regulators are very stringent about certain governance practices. So many lessons have been learnt over the decades,” she said.
?India remains as before ? absolutely well-governed, stable government, well-regulated financial market?: FM #Nirmala Sitharaman (@nsitharaman) on global investors pulling out money in last few days over #AdaniRow#AdaniGroup #HindenburgReport #FMToNetwork18 | @18RahulJoshi pic.twitter.com/sHINZmbrfA— News18 (@CNNnews18) February 3, 2023
Adani Group stocks have taken a beating on the bourses after US-based Hindenburg Research made a litany of allegations in a report, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.
Both BSE and NSE have put three Adani Group companies ? Adani Enterprises, Adani Ports and Special Economic Zone and Ambuja Cements ? under their short-term additional surveillance measure (ASM).
Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
“Both SBI and LIC have issued detailed statements on Adani. They are not over exposed. They have very clearly said that their exposure well within the permitted limits and sitting on profits,” Sitharaman said during the interview.
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