Regulatory agencies capable of dealing with cases like Adani, Sitharaman said ahead of hearing in SC on Monday

Finance Minister Nirmala Sitharaman has said that India's regulatory agencies are fully mature and are keeping an eye on such controversies, on the controversy arising out of a US agency's report on Adani Group's financial affairs. This comment of the Finance Minister has come when an important hearing is to be held in the Supreme Court on Monday regarding this entire controversy and the relationship with the Adani Group of some investors of Adani Group's second public offer (FPO) on behalf of market regulatory agency SEBI. The investigation has been started. Sitharaman gave her response on the Adani controversy in response to a question asked at the press conference after the RBI board of directors meeting on Saturday.

Sitharaman was asked what would be the response of the government in the matter going on in the Supreme Court, to which she said that I cannot tell what the government will say in the court, but Indian regulatory agencies are very mature. He is an expert in his field. He is aware of the matter and is as alert as ever.

The Supreme Court has asked the central government and SEBI in the context of the steep fall in Adani Group's shares, what is the current system to protect investors from unexpected losses and how it can be improved further. The Supreme Court has sought to know from the Finance Ministry what steps can be taken to make the existing system more secure. However, the Supreme Court has also said that it does not intend to interfere in the functioning of any regulatory agency.

Senior RBI officials have publicly stated that crypto currency is nothing more than a Ponzi scheme. In the meeting of the Finance Minister with the RBI Board of Directors on Saturday, it was mainly talked about in the context of the provisions of the General Budget 2023-24. This meeting is held every year after the budget.