SEBI submits status report in SC, says 22 of 24 Adani probes final

New Delhi, August 25

Markets regulator SEBI on Friday told the Supreme Court that 22 of the 24 investigations into allegations of market manipulation against Adani Group levelled in the Hindenburg report have been finalised while the remaining two were of interim nature.

Hindenburg controversy

• Markets regulator SEBI said it will take appropriate action based on the outcome of the investigations into the Adani-Hindenburg matter
• It said it has examined 24 matters in compliance with the orders of the top court out of which 22 are final while two are interim in nature
• Further, it said in respect of one remaining matter, interim findings have been approved by the competent authority, and SEBI has sought information from external agencies or entities

The SEBI — which had earlier this month sought 15 more days from the top court to complete the probe — said it “shall take appropriate action based on the outcome of the investigations in accordance with law…”

In its latest report submitted to the Supreme Court, the SEBI said, “Out of the said 24 investigations/examinations, 22 are final in nature and two are interim in nature. As on date, the said 22 final investigation reports and one interim investigation report are approved by the competent authority in accordance with SEBI’s extant practice and procedures. In the remaining one matter, interim findings are approved by the competent authority.”

It further submitted “that with respect to the interim investigation reports that SEBI has sought information from external agencies/entities and upon receipt of such information will evaluate the same vis-à-vis the interim investigation report to determine further course of action, if any, in the same matters.”

In its previous report submitted in mid-August it had said that only 17 of the probes were final and complete.

SEBI had earlier told the Supreme Court that there was no ‘sky-rocketing’ of securities violations as mentioned by the court-appointed expert committee that looked into Hindenburg Research report on Adani Group of companies and asserted that it has addressed concerns raised by the panel in its report.