Amid Adani row, SEBI issues statement

New Delhi: On the Adani issue, Securities and Exchange Board of India (SEBI) issued a statement and said that it is committed to ensuring market integrity and appropriate structural strength.

“The Indian financial market as represented by Sensex and Nifty has demonstrated ongoing stability and is continuing to function in a transparent, fair and efficient manner. On a longer term basis also. Indian markets have been viewed positively by investors. A cross country comparison of dollar adjusted market returns with both peer and developed countries. during the past 3 years till date. places the Indian Market as a positive outlier.,” SEBI said.

“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 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,” read the statement.

Further it added, “In all specific entity related matters, if any information comes to SEBI’s notice, then, as per extant policies, the same is examined and after due examination, appropriate action is taken. SEBI has consistently followed this approach on entity level issues and would continue to do so in future as well.

SEBI is committed to ensuring market integrity and to ensuring that the markets continue to have the appropriate structural strength to function in an uninterrupted transparent and efficient manner as has been the case so far, it added.