The Congress party has raised serious concerns regarding the ongoing investigation by the Securities and Exchange Board of India (SEBI) into the Adani Group, alleging that the process has stalled due to a lack of cooperation from foreign tax-haven jurisdictions. According to party leaders, the delay is undermining the credibility of India’s regulatory institutions and raises questions about the government’s willingness to ensure transparency in financial markets.
Addressing the media, senior Congress spokespersons pointed out that SEBI has cited "non-cooperation" from overseas entities and countries as a major hurdle in its probe into alleged violations and offshore investments linked to the Adani Group. These jurisdictions, which include several known tax havens, have reportedly not responded to requests for financial details, shareholder information, and transaction records needed to assess possible breaches of disclosure norms and fund routing practices.
The Congress party criticized the government for what it described as a “convenient silence” and “lack of diplomatic pressure” on these foreign governments. According to Congress, while SEBI continues to wait for replies under the Mutual Legal Assistance Treaty (MLAT) framework and other international cooperation channels, no firm steps have been taken at the central government level to expedite the process.
Party leaders further alleged that the delay gives the impression that the government is shielding corporate interests at the expense of regulatory integrity. “It has been over a year since SEBI was tasked with investigating serious allegations involving the Adani Group, including the use of shell companies and manipulation of stock prices. Yet, the probe remains inconclusive, conveniently delayed by the non-response of foreign agencies,” a Congress spokesperson said.
The issue has reignited political debates over corporate accountability and the government's relationship with large business conglomerates. Opposition leaders have repeatedly demanded that the Adani case be treated with the same seriousness as any other financial investigation involving global actors and that the Prime Minister address the status of the probe publicly.
SEBI, meanwhile, has maintained that it is following due process and adhering to legal channels to obtain the necessary information. In previous statements to the Supreme Court, SEBI has indicated that responses from some countries were still awaited and that several sub-investigations were contingent on that data.
Experts in financial law note that international cooperation in such cases often takes time due to the confidentiality laws in tax havens. However, they also emphasize that delays should not prevent interim findings or partial disclosures where possible, especially in cases that attract significant public interest.
The Congress has urged SEBI to present a timeline for the conclusion of its probe and called upon the government to engage diplomatically with the concerned countries to accelerate cooperation. The party insists that restoring public trust in regulatory bodies requires firm action and transparency in cases involving high-profile corporate entities.
