Regulators fully cognisant of Adani Group matters: FM Sitharaman

New Delhi: Finance minister Nirmala Sitharaman said the country's regulators are experienced and fully cognisant of matters related to Adani Group. The minister was responding to a query about the Supreme Court seeking the views of the Centre and the Securities and Exchange Board of India (Sebi) on whether the regulatory regime needs strengthening in order to ensure that investors are protected.

"I will not disclose here what the government will be saying in the court... India's regulators are very, very experienced and they are experts in their domain," she told reporters on Saturday after her customary post-budget address to the Reserve Bank of India (RBI) board. "The regulators are seized of this matter and they are on their toes as always, not just now."

The apex court has sought inputs on the matter from the finance ministry, Sebi and others on Monday, February 13.

Adani Group stocks have lost ₹9.38 lakh crore in market capitalisation since January 24, when the Hindenburg Research report was released. The report accused the conglomerate of fraudulent transactions and share price manipulation. Adani Group has rejected the report's findings and said it complies with all laws and disclosure requirements.

Cryptocurrency Framework
Sitharaman said the issue of regulating crypto assets will be taken up at the upcoming G20 meetings, as a collective view has to be adopted on the matter.

"Crypto is heavily tech-led and has less human intervention," she said.

New Tax Regime
"We are talking to all nations that if regulation has to be framed, then one country cannot frame it alone," said the finance minister.

India was speaking to all member nations for drawing up a standard operating procedure (SOP) to ensure it is effective. "The process of discussion is on in the G20," Sitharaman said. India has assumed the G20 presidency for 2023.

Sitharaman said the new tax regime will benefit the middle class as it will leave more money in their hands. She said it is not necessary to induce individuals to save through government schemes; instead, they should have an opportunity to make personal decisions regarding investments.

Under the revamped concessional tax regime, which will be effective from the next fiscal year, no tax will be levied on income up to ₹3 lakh.

The rebate has been raised to ₹7 lakh under the regime from ₹5 lakh earlier.