Finance Minister Nirmala Sitharaman on Saturday responded to the Supreme Court's remarks regarding the need for investor protection, saying that 'Indian regulators are aware of concerns about the Adani Group'.
Sitharaman said, "India's regulators are very experienced and they are experts in their field. Regulators have a lot of knowledge about this matter. They are on their toes like always, not now. So I will leave it there."
"You are clearly not expecting me to tell you what I will tell you in court." the finance minister told reporters, refusing to elaborate further on the subject.
Sitharaman was addressing a joint conference of the central board of directors of the apex bank after the customary budget meeting. He briefed the Central Board of Directors of RBI on the recently released Union Budget for the year 2023-24.
The Supreme Court asked the government, 'Do we have any mechanism to ensure that this does not happen again?'
The apex court on Friday said that the protection of investors is of paramount importance while hearing a plea seeking the apex court's intervention in the Adani dispute.
Chief Justice DY Chandrachud said, "Do we intervene and have a mechanism to ensure that this does not happen again? We do not want to get into policy matters. That is for the government."
The top court has sought more clarity from the finance ministry and SEBI on how they plan to ensure that investors' interests are protected.
India's regulators are generally very strict: FM claimed last week
Even last week, the Finance Minister claimed that India's financial sector is 'very well regulated' and that, 'one example, no matter how much it is talked about globally, does not indicate that' How good are the Indian financial markets. governed'.
“India remains, as before, absolutely well-governed with a stable government and a well-regulated financial market. As a result, the investor confidence that existed earlier will continue. Our regulators are generally somewhat The administration is very strict about practices. One example should not be indicative."
Commenting on SBI and LIC getting embroiled in a dispute, the Finance Minister said that their investment in Adani Group shares is within the permitted limits.
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