17 of 24 Adani cases probed, need 15 days for final report: Sebi to SC

NEW DELHI: Sebi on Monday knowledgeable the Supreme Court docket that it has accomplished probes into 17 of the 24 circumstances associated to the Adani-Hindenburg controversy, together with the alleged manipulation of the inventory market and the US short-seller’s doubtful position leading to meltdown of Adani Group shares. The markets regulator mentioned all probes can be accomplished earlier than August 29.

Although it missed the August 14 deadline, set by the SC on July 11, for finishing investigations, the regulator sought 15 extra days until August 29 — the scheduled date of listening to within the SC — to file its remaining report referring to probes into the complete controversy and fall out within the inventory market.

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Sebi mentioned it has examined 24 circumstances, of which 17 are full and authorised by “competent authorities” below the regulator’s guidelines and procedures. “In one matter, Sebi has completed the examination based on the material that it could gather thus far and an interim report has been prepared and approved in accordance with Sebi’s extant practices and procedures,” it mentioned.
On this matter, Sebi had sought data in overseas jurisdictions. It mentioned the regulator would decide additional plan of action after evaluating the requested data as and when it’s acquired from the opposite international locations.
“Of the remaining six matters, in four investigations, findings have been crystalised and the reports prepared consequent thereto are in the process of approval by the competent authority. The approval process for these four matters would be completed before August 29,” Sebi assured.
“Investigation is at an advanced stage in one of the two remaining matters. In the other, the interim report is under preparation based on the information gathered by Sebi thus far,” it mentioned.

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