Why does a petitioner accuse SEBI of 'concealing' a 2014 DRI alert on Adani
A petitioner in the Supreme Court accuses SEBI of hiding a 2014 DRI alert related to Adani.
- The petitioner accuses SEBI (Securities and Exchange Board of India) of concealing a 2014 DRI (Directorate of Revenue Intelligence) alert that pertains to Adani.
- The DRI is a specialized intelligence agency under the Indian Ministry of Finance responsible for combating smuggling activities and enforcing economic laws.
- The petitioner claims that the DRI alert provided information about alleged overvaluation of coal imports by certain Adani Group companies.
- This accusation is significant because it raises concerns about transparency and regulatory oversight in the securities market.
- SEBI, as the regulatory authority for overseeing the securities market in India, is responsible for regulating and supervising entities such as Adani Group.
- The petitioner alleges that SEBI did not disclose this crucial information, which could have had implications on the investments and financial decisions made by the public in relation to Adani Group companies.
- The petitioner argues that SEBI's alleged concealment undermines its duty to protect investors' interests and maintain market integrity.
- The Supreme Court will assess the validity of the petitioner's claims and determine the impact, if any, on the regulatory framework and SEBI's responsibilities.
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a year ago