SEBI has asked for 15 more days to submit probe report in Hindenburg case
The capital markets regulator SEBI today asked the Supreme Court for 15 more days to complete its probe in the Hindenburg case and give a report. SEBI told the Supreme Court the investigation is at an advanced stage, but needed 15 more days to wrap it up.
On March 2, the Supreme Court directed SEBI to investigate within two months any violations before and after the Hindenburg report on the Adani Group. On April 29, three days before SEBI's deadline, the regulator asked for six more months, citing the matter involved cross-border jurisdictions, which would take time to process.
Chief Justice of India DY Chandrachud then gave three months - instead of six - to the Securities and Exchange Board of India (SEBI) to submit a status report of its investigation.
The next hearing is on August 29.
Chief Justice DY Chandrachud in the last hearing said the report by a panel of Supreme Court-appointed group of domain experts to look into India's regulatory mechanism to protect investors, which has already submitted its report, will continue to assist the court and share the report with the parties involved in this matter and their lawyers.
The members of the Supreme Court-appointed expert group who looked into India's regulatory mechanism to protect investors are retired Supreme Court judge Justice AM Sapre, retired Bombay High Court judge Justice JP Devadhar, former State Bank of India Chairman OP Bhatt, former ICICI Bank chief KV Kamath, Infosys co-founder Nandan Nilekani and securities and regulatory expert Somasekhar Sundaresan.
In its report given to the Supreme Court in May, the committee had said there was no price manipulation on the part of the Adani Group and that the conglomerate had taken necessary steps to comfort retail investors. The mitigating measures taken by the group had helped in building confidence in the stock and the stocks are stable now, the panel had said. Foreign portfolio investors (FPIs) in Adani Group stocks are compliant with SEBI's regulations, the committee had said.
The Adani Group has denied all the allegations made by Hindenburg and called them a "calculated attack" on India, its institutions and growth story.
"This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India," the Adani Group said in January.
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