Sleeping Sebi: Mahua Moitra, Priyanka Chaturvedi on 'unusual price movement' statement
Priyanka Chaturvedi said the country needs a proactive Sebi, not a reactive one. Mahua Moitra called the regulator ‘sleeping Sebi’.
As Sebi (Securities and Exchange Board of India) issued a statement on Saturday referring to the Adani crisis without naming Adani, opposition leaders criticised the reactive stance of the regulator. Sebi's statement came after finance minister Nirmala Sitharaman expressed confidence in the market regulators amid the ongoing Adani row.
Trinamool MP Mahua Moitra who was vocal against Adani even before the Hindenburg report came to light said Sebi's statement does not say anything of consequence. "It seems only Sebi knows what action has been taken since June 2021!" Mahua Moitra tweeted.
Shiv Sena (Uddhav Balasaheb Thackeray) MP Priyanka Chaturvedi said the country needs a proactive Sebi and not a reactive one that issues a statement when its own credibility is at stake. Chaturvedi also pointed out that Adani Group has not been named in the Sebi statement and is mentioned as a 'business conglomerate'.
"India needs a proactive SEBI, not a reactive one-it will be good for markets, investors, traders, listed companies, FIIs, DIIs however the spirit of the response is as usual to react only when own credibility is at stake, by saying ‘will take note if any information comes to our notice'," Sena MP wrote.
Sebi said unusual price movement in the stock of a 'business conglomerate' has been observed during the past week and that the regulator remains committed to ensuring market integrity.
"During the past week, unusual price movement in the stocks of a business conglomerate has been observed. As part of its mandate, SEBI seeks to maintain the orderly and efficient functioning of the market and has put in place a set of well-defined, publicly available surveillance measures (including the ASM framework) to address excessive volatility in specific stocks. This mechanism gets automatically triggered under certain conditions of price volatility in any stock," the Sebi statement said.