Political leaders from various parties have come out in support of the Securities and Exchange Board of India’s (SEBI) recent clean chit to the Adani Group. They stressed the need to let regulatory bodies like SEBI work independently without interference, especially after the market regulator cleared the conglomerate of stock manipulation and accounting fraud allegations.
Union Minister of State for Corporate Affairs Harsh Malhotra kept it simple, saying, “I believe the law always does its work.” He made these remarks while addressing questions about SEBI’s decision on the Adani Group clean chit.
Echoing the same view, Nationalist Congress Party (NCP) leader and Maharashtra minister Chhagan Bhujbal called it a positive step. “It’s good that what’s wrong gets called out, and what’s right gets recognized,” he said, praising the fairness in the process.
BJP leader and former minister Raj K. Purohit took a stronger stance, slamming Hindenburg Research—the US-based firm behind the 2023 report that accused Adani Group of irregularities and caused a massive drop in its stocks. “Hindenburg is a fraudulent outfit that targets businesses in other countries, spreads rumors, and vanishes,” Purohit said. He pointed out how it recently pocketed money and fled a case in Italy, labeling it a deceitful organization. Purohit also linked it to broader concerns: “As India’s economy booms and PM Modi shines on the global stage, certain forces get uneasy about our progress.”
Even from the opposition, Shiv Sena-UBT spokesperson Anand Dubey urged everyone to welcome the verdict. “When any agency gives a clean chit, we should celebrate it. If someone’s cleared of charges, that’s something to applaud,” he noted.
Maharashtra Deputy Chief Minister Ajit Pawar emphasized the strength of India’s democratic institutions. “Our system gives independence to bodies like the Election Commission, judiciary, Parliament, and assemblies. They review evidence and make decisions based on facts—and SEBI has done just that,” Pawar explained.
This SEBI clean chit arrives over a year after Hindenburg’s explosive report rocked the Adani Group stocks. The Adani Group had firmly denied all claims of stock manipulation and accounting issues. Now, the regulator’s findings have sparked a sharp rally in Adani shares, boosting investor confidence in the Indian stock market.
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