SEBI Does Not Require Extension On Adani Probe: Centre To SC

The Securities and Exchange Board of India (Sebi) notified the Supreme Court on Friday, 24 November, that it does not need an extension to complete its investigation into accusations made against the Adani Group, according to an ANI report.

The report quotes Solicitor General Tushar Mehta as saying that 22 out of 24 instances in the Sebi's investigation into the Hindenburg report have already been resolved.

This comes after the markets regulator was accused of failing to complete its probe by the time set by the Supreme Court in a previous plea for contempt proceedings.

In response to a public interest litigation (PIL), which raised concerns about the Adani Group's alleged stock manipulation as detailed in an Organised Crime and Corruption Reporting Project investigation, the court had initially ordered Sebi to submit its findings by 14 August. It had later asked Sebi to submit its report by 8 November.

Since Hindenburg Research initially made the accusations in January, the Adani Group has steadfastly refuted them.

A report published in January by the US-based short-selling firm Hindenburg Research claimed that the Adani group had engaged in fraudulent actions, including manipulating stock prices, in order to artificially raise its stock price.

The Adani group denied these claims, calling the report a ploy by foreign powers to harm India's standing.

When the study was made public, it caused a great deal of controversy in the political sphere. Prime Minister Narendra Modi's relationship with Gautam Adani came under scrutiny. Political leaders and activists responded to this controversy by filing multiple PILs with the Supreme Court.