Adani-Hindenburg case: SEBI asks Supreme Court for 15 more days to complete the investigation

New Delhi (Best Hindu News): In an application filed before the Supreme Court, the Securities Exchange Board of India (SEBI) has sought an extension of 15 days to conclude the investigation process in the Adani-Hindenburg case. The market regulator stated that it has conducted investigations in 24 cases in compliance with the orders of the Apex Court and out of the said 24 investigations/examinations, 17 are final and complete.

The application states that in one case SEBI has completed investigation on the basis of material that could be gathered so far and has sought information from agencies or regulators in foreign jurisdictions etc. “On receipt of such information, it will be evaluated.” Determine further action, if any, in the said matter.”

In the remaining six cases, the findings of four investigations have been clarified and the report prepared is awaiting approval of the competent authority. “SEBI expects that the approval process in respect of the above four matters will be completed expeditiously and in any case before the next date of hearing,” the application said.

The market regulator told the Supreme Court, “In the remaining two cases (out of six), investigation in one case is in advanced stage and in the other case, interim report is being prepared by SEBI based on the information collected so far.” ” The matter is to be heard on August 29.

“SEBI had sought information from entities/agencies/regulators in foreign jurisdictions etc., and on receipt of such information, the same will be assessed along with the interim report to determine the further course of action.”

Earlier, the Securities Exchange Board of India (SEBI) had expressed its views before the Supreme Court on various recommendations made by the Court-appointed expert committee in connection with the Adani-Hindenburg case.

SEBI had opposed the suggestion of prescribing timelines for investigation and initiation of proceedings, saying “fixing specific timelines for completion of investigation may compromise the quality of investigation”.

The apex court, on March 2, Justice A.M. An expert committee was constituted under the chairmanship of Sapre. Sapre, a former Supreme Court judge, aims to review and strengthen the existing financial regulatory mechanism.

The controversial Hindenburg Research report alleged, inter alia, that Adani group companies manipulated their share prices; Transactions with related parties in contravention of regulations made by SEBI and failing to disclose other relevant information relating to related parties; and other provisions of the securities laws. The report reduced the economic empire of Indian billionaire Gautam Adani by over $100 billion.