Facing questions on whether the ongoing Adani Group issue could snow- ball into a major financial crisis and the steps the go- vernment was taking on this front, Finance Minister Nirmala Sitharaman on Sa- turday said regulators would do their job. "You had the Reserve Bank com- menting on this on Friday. Though not regulators, the banks and LIC themselves had come out to say what their level of exposure is [to the Adani Group]."
"The regulators are in- dependent of the govern- ment. They are left to do what is appropriate. To keep the regulated market in prime condition, the SE- BI is the authority, and it has the wherewithal to keep the markets' prime condition intact," she said.
'FPOs come and go' On the withdrawal of the group's follow-on public offer (FPO) affecting the economy or denting In- dia's image, she said $8 bil- lion had come into India over the last two days and that proved the inherent strength of the economy was intact. "The macroe- conomic fundamentals of our economy and image, none of it is affected. FPOS come in and FPOs get out.”
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