Finance Minister Nirmala Sitharaman signalled on Saturday, February 11, that the government was drafting a response to the Supreme Courtâs concerns about the meltdown in Adani group stocks in the wake of a research report published by US-based short seller Hindenburg Research. Ms. Sitharaman emphasised that the countryâs âexperiencedâ regulators were already seized of the matter and were always âon their toesâ. On Friday, a three-judge bench of the Supreme Court led by Chief Justice of India (CJI) D.Y. Chandrachud expressed concerns about the need to protect Indian investors from sudden market volatility, pointing out that the stock market was no longer limited to just âhigh value investorsâ but also a âwide spectrum of the middle-classâ. Asking how it would be ensured that something like the week-long stock meltdown and volatility would not happen in the future, the Court had sought a note from the market regulator, the Securities Exchange Board of India (SEBI), on the regulatory framework for stock markets at its next hearing on February 13, adding that it may even consider setting up an expert panel to act as a âwise guiding forceâ in the matter. Responding to a query after a meeting with the Reserve Bank of Indiaâs Board in Delhi, the Ms. Sitharaman said that she was not going to divulge into what the Centreâs response would be in the top court. However, the Minister said: âIndiaâs regulators â and I am sitting in the company of one of the oldest regulators in the country [pointing to central bank governor Shaktikanta Das] â Indiaâs regulators are very, very experienced, and they are experts in their domains. So, the regulators are fairly seized of this matter and they are on their toes, as always, not just now. So, I will leave it there.â The January 24 release of the scathing report by Hindenburg Research alleging irregularities in the financial practices of the Adani conglomerate triggered a huge sell-off in the groupâs stock, with its listed companies losing a combined value of over $110 billion in market capitalisation in about a weekâs time. While the Adani group has denied all allegations, the Hindenburg report has invoked concerns in the market about the robustness of the countryâs regulatory framework. The crisis of confidence also mounted with the initial silence of SEBI on the matter. Notably, the Supreme Court also asked SEBI for a âthreadbare analysisâ of its powers and to suggest whether it needed to grow more teeth to deal with the ânew worldâ of seamless capital movement. Was this newsletter forwarded to you? Head over to our newsletter subscription page to sign up for Editorâs Pick and more. Click here. The Hinduâs Explains Explained | How is the government ramping up border infrastructure? Explained | Why were the Turkey earthquakes so deadly? Explained | What made MSCI act on Adani stocks? The Hinduâs Daily News Quiz The Nellie Massacre of 1983 happened in which Indian State? Assam Punjab West Bengal Nagaland To know the answer and to take the quiz, click here. [logo] Editor's Pick 12 FEBRUARY 2023 [The Hindu logo] In the Editor's Pick newsletter, The Hindu explains why a story was important enough to be carried on the front page of today's edition of our newspaper. [Arrow]( [Open in browser]( [Mail icon]( [More newsletters]( Hindenburg-Adani saga | Centre drafting response to SC, says Finance Minister Finance Minister [Nirmala Sitharaman signalled on Saturday]( February 11, that the government was drafting a response to the Supreme Courtâs concerns about the meltdown in Adani group stocks in the wake of a research report published by US-based short seller Hindenburg Research. Ms. Sitharaman emphasised that the countryâs âexperiencedâ regulators were already seized of the matter and were always âon their toesâ. On Friday, a three-judge bench of the Supreme Court led by Chief Justice of India (CJI) D.Y. Chandrachud [expressed concerns]( about the need to protect Indian investors from sudden market volatility, pointing out that the stock market was no longer limited to just âhigh value investorsâ but also a âwide spectrum of the middle-classâ. Asking how it would be ensured that something like the week-long stock meltdown and volatility would not happen in the future, the Court had sought a note from the market regulator, the Securities Exchange Board of India (SEBI), on the regulatory framework for stock markets at its next hearing on February 13, adding that it may even consider setting up an expert panel to act as a âwise guiding forceâ in the matter. Responding to a query after a meeting with the Reserve Bank of Indiaâs Board in Delhi, the Ms. Sitharaman said that she was not going to divulge into what the Centreâs response would be in the top court. However, the Minister said: âIndiaâs regulators â and I am sitting in the company of one of the oldest regulators in the country [pointing to central bank governor Shaktikanta Das] â Indiaâs regulators are very, very experienced, and they are experts in their domains. So, the regulators are fairly seized of this matter and they are on their toes, as always, not just now. So, I will leave it there.â The January 24 release of the scathing report by Hindenburg Research alleging irregularities in the financial practices of the Adani conglomerate triggered a huge sell-off in the groupâs stock, with its listed companies losing a combined value of over $110 billion in market capitalisation in about a weekâs time. While the Adani group has denied all allegations, the Hindenburg report has invoked concerns in the market about the robustness of the countryâs regulatory framework. The crisis of confidence also mounted with the initial silence of SEBI on the matter. Notably, the Supreme Court also asked SEBI for a âthreadbare analysisâ of its powers and to suggest whether it needed to grow more teeth to deal with the ânew worldâ of seamless capital movement. Was this newsletter forwarded to you? Head over to our newsletter subscription page to sign up for Editorâs Pick and more. [Click here.]( The Hinduâs Explains [Arrow][Explained | How is the government ramping up border infrastructure?](
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[Arrow][Explained | What made MSCI act on Adani stocks?]( The Hinduâs Daily News Quiz The Nellie Massacre of 1983 happened in which Indian State? - Assam
- Punjab
- West Bengal
- Nagaland To know the answer and to take the quiz,[click here.]( Are you a book lover looking for your next literary adventure? Look no further than “The Hindu On Books” weekly newsletter! We scour the shelves to bring you the best new releases and hidden gems in all genres. With in-depth book reviews and recommendations, you can trust that you will find your next literary love here. Sign up now and discover your next favorite book!" [Subscribe Now!]( [[Justice Nazeer among new Governors of Andhra Pradesh appointed by President Murmu; Maharashtra Governor Koshyariâs resignation accepted] Justice Nazeer among new Governors of Andhra Pradesh appointed by President Murmu; Maharashtra Governor Koshyariâs resignation accepted](
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