SEBI’s briefing to the SC panel on Adani vs Hindenburg issue was reportedly done by the new chairperson Madhabi Puri Buch
In a fresh development on the Adani-Hindenburg issue, the Securities and Exchange Board of India (SEBI) has briefed the Supreme Court (SC) on the whole Adani rout. The market regulator reportedly made a detailed presentation to a six-member committee formed by the apex court after the scathing Hindenburg Research report accused the Gautam Adani-led conglomerate of stock manipulation and fraud.
SEBI’s briefing to the SC panel was reportedly done by the new chairperson Madhabi Puri Buch. According to report in the Economic Times, since this briefing was important, the SEBI chief appeared, however, from now on, she will not appear before the SC committee probing the Adani-Hindenburg issue, unless required.
Despite this, SEBI is expected to continue providing information to the six-member panel. It must be noted that while SEBI is doing everything it can, even the panel is carrying out its own investigation in the Adani vs Hindenburg case. Once this is completed, the panel would submit its report to the Supreme Court, separately.
The report adds that the presentation by the SEBI chief also covered disclosures on related party transactions by Adani Group companies. These included transactions by both listed and privately held entities. Other issues like offshore companies, investor holdings, foreign portfolio etc., were also reportedly covered in the presentation.
It adds that so far, SEBI has also collected data from the Indian bourses on buyers and sellers of the Adani Group companies’ shares, especially before and after the Hindenburg Research report’s accusations. Through this, it also examined if there was any cartel behind the extreme stock price movement, the report adds.