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Adani-Hindenburg row: Centre Agrees To SC Proposal Of Setting Up Of A Panel Of Experts On Regulatory Mechanism

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Solicitor General Tushar Mehta, appearing for the Centre and SEBI, said that the market regulator and other statutory bodies are equipped to deal with the present situation arising out of the Hindenburg report.

The Centre has no objection to a proposal for setting up a panel of domain experts to look into strengthening the regulatory mechanisms for the stock market, the Supreme Court was told on Monday while it was hearing pleas relating to the Adani stocks rout after the Hindenburg report, reported Indian Express. 

The central government, however, told a bench headed by Chief Justice DY Chandrachud that it wanted to give the names of the domain experts for the committee and the scope of its mandate in a sealed cover in larger interest.

Solicitor General Tushar Mehta, appearing for the Centre and SEBI, said that the market regulator and other statutory bodies are equipped to deal with the present situation arising out of the Hindenburg report.

โ€œThe government has no objection to forming a committee. But, the remit of the committee, we can suggest. We can provide names in a sealed cover,โ€ the law officer said.

Mehta apprehended that any โ€œunintentionalโ€ message on setting up of the panel may have some adverse impact on the inflow of money.

The top court has now listed two PILs, alleging exploitation of innocent investors and โ€œartificial crashingโ€ of the Adani Groupโ€™s stock value, for hearing on Friday.

On February 10, the top court said the interests of Indian investors need to be protected against market volatility in the backdrop of the Adani stocks rout and asked the Centre to consider setting up a panel of domain experts headed by a former judge to look into strengthening the regulatory mechanisms.

It had also sought the views of the Securities and Exchange Board of India (SEBI) and the Centre as to how to ensure a robust mechanism is in place since the capital movement now is โ€œseamlessโ€ in the country.

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Indian armed forces building partnerships in vital Indo-Pacific region: PM Modi

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Describing the Indo-Pacific as a โ€œnatural regionโ€, Prime Minister Narendra Modi has said that Indiaโ€™s armed forces, especially the Navy, are building and expanding partnerships in the strategically vital region for peace and security as well as humanitarian assistance.

Ten countries of South East Asia connect the two great oceans โ€“ the Indian Ocean and the Pacific Ocean โ€” in both the geographical and civilisational sense, Modi said.

Inclusiveness, openness and ASEAN centrality and unity, therefore, lie at the heart of the new Indo-Pacific, Prime Minister Modi said at the prestigious Shangri-La Dialogue here on Friday evening.

Expounding his vision of the Indo-Pacific region in a keynote address, Modi said, โ€œIndia does not see the Indo-Pacific Region as a strategy or as a club of limited members, nor as a grouping that seeks to dominateโ€.

The Indian armed forces, especially the Navy, are building partnerships in the Indo-Pacific region for peace and security, as well as humanitarian assistance and disaster relief, he said.

They train, exercise and conduct goodwill missions across the region.

For example, with Singapore, India has the longest un-interrupted naval exercise, which is in its 25th year now, he said, announcing that India will start a new tri-lateral exercise with Singapore soon and India hopes to extend it to other ASEAN countries.

โ€œWe work with partners like Vietnam to build mutual capabilities. India conducts Malabar Exercise with the United States and Japan. A number of regional partners join in Indiaโ€™s Exercise Milan in the Indian Ocean, and participate in the RIMPAC in the Pacific,โ€ he said.

The prime minister noted that India was an active member in the Regional Cooperation Agreement on Combating Piracy and Armed Robbery against Ships in Asia.

He said his governmentโ€™s principal mission is to transform India to a โ€˜New Indiaโ€™ by 2022, when Independent India will be 75 years young.

Modi said it was possible for the world to rise above divisions and competition to work together and cited the example of the 10-member Association of South East Asian Nations (ASEAN) as an example and inspiration.

โ€œI am convinced that ASEAN can integrate the broader region. In many ways, ASEAN is already leading the process. In doing so, it has laid the foundation of the Indo-Pacific Region,โ€ he said.

The prime minister said the Indo-Pacific is a โ€œnatural regionโ€. It is also home to a vast array of global opportunities and challenges.

By no means India considers itself as directed against any country. A geographical definition, as such, cannot be. Indiaโ€™s vision for the Indo-Pacific Region is, therefore, a positive one, Modi said.

Explaining Indiaโ€™s stand, the prime minister said, New Delhi stood for a free, open, inclusive region, which embraces us all in a common pursuit of progress and prosperity. It includes all nations in this geography as also others beyond who have a stake in it.

India places Southeast Asia is at its centre and, the ASEAN grouping has been and will be central to its future.

He also underlined the need to have equal access as a right under international law to the use of common spaces on sea and in the air that would require freedom of navigation, unimpeded commerce and peaceful settlement of disputes in accordance with international law.

His statement comes amidst China flexing its military muscles in the South and East China seas.

China claims almost all of South China Sea and also laid claims on the Senkaku islands under the control of Japan in East China Sea and resorted to aggressive patrols in the few years.

Vietnam, the Philippines, Malaysia, Brunei and Taiwan have counter claims over the South China Sea.

The US recently renamed its oldest and largest military command โ€“ the Pacific Command โ€“ to Indo-Pacific Command, in a largely symbolic move to signal Indiaโ€™s importance.

Modi also underlined the need for good connectivity to enhance trade and prosperity. He noted that there are many connectivity initiatives in the region.

โ€œThey must empower nations, not place them under impossible debt burden. They must promote trade, not strategic competition. On these principles, we are prepared to work with everyone,โ€ he said amidst the growing global concern over the so-called Chinese model of โ€œdebt diplomacy.โ€

He also made it clear that the region can prosper โ€œif we do not return to the age of great power rivalriesโ€.

Modi stressed that Indiaโ€™s friendships are not alliances of containment.

He assured that Indiaโ€™s own engagement in the Indo-Pacific Region โ€“ from the shores of Africa to that of the Americas โ€“ will be inclusive.

In conclusion, Prime Minister Modi said, India will engage with the world in peace, with respect, through dialogue and absolute commitment to international law.India will promote a democratic and rules-based international order, in which all nations, small and large, thrive as equal and sovereign.

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