03/05/23

INDIA: SEBI should find ultimate beneficial owners of foreign funds invested in the Adani Group, says Congress.

As published on thehindu.com, Wednesday 3 May, 2023.

The Securities and Exchange Board of India (SEBI) should use all means at its disposal to get clarity about the ultimate beneficial ownership of foreign funds invested in the Adani Group, the Congress said on May 3.

In a statement, All India Congress Committee (AICC) general secretary (communication) Jairam Ramesh said public interest must not be undermined using the excuse of confidentiality and privacy.

The Congress statements came after a news report claimed some foreign funds invested in Adani Group companies have declined to identify their beneficial owners, citing client confidentiality and foreign privacy laws.

“We hope SEBI will use all the means at its disposal to get clarity about ultimate beneficial ownership of these funds given the serious and credible allegations of money-laundering, round-tripping and violations of securities laws against the Adani Group,” Mr. Ramesh said.

He added that for decades, Swiss banks got away using the “excuse” of confidentiality and privacy.

“Given a more than decade-long G20 initiative to increase international financial transparency, it would be a pity (but not inexplicable) if the Modi government were to choose the interests of its cronies over financial integrity during India’s much self-trumpeted G20 presidency,” Mr. Ramesh said.

The Congress leader said that all these developments make a joint parliamentary committee (JPC) probe into the charges even more important.