Adani-Hindenburg Case: SEBI Seeks 15 More Days To Submit Investigation Report

The Securities and Exchange Board of India has filed an application before the Supreme Court asking for an additional 15 days to submit its investigation report in the Adani Group-Hindenburg Research matter.

The market regulator has submitted that it has examined a total of 24 matters. Out of these, investigations into 17 are final and complete.

Of the remaining seven, findings have been crystallised in four and the regulator is in the process of getting an approval from the competent authority, its application stated.

In one of the matters, SEBI has completed its investigation and has sought information from foreign jurisdictions. Upon receiving this information, the regulator will determine further course of action in the matter if needed.

Of the remaining two, investigation is at an advanced stage in one and an interim report is under preparation for the second, SEBI has told the apex court.

During the last hearing in May, the top court had accepted SEBI's request for an extension of time to complete its investigation and had granted the regulator time till Aug 14 to submit an update.

At the time, SEBI had responded by saying that it might need some more time to complete the investigation.

Responding to this, the court said that it might consider extending the time based on the progress report filed by SEBI in August.

After Hindenburg Research's report and Adani Group's counter in January, four public interest petitions were filed before the apex court. The PILs had broadly asked for directions regarding allegations against the Adani Group.

On March 2, the Supreme Court had directed SEBI to look into any disclosure breaches and possible price manipulation of Adani stock in violation of existing laws.

The regulator was directed to submit its report within two months, but in April, SEBI made submissions before the apex court asking for six months to conclude its investigation.

The court, however, had granted time only till Aug 14.

The Supreme Court had also set up an independent committee headed by Justice (retired) Abhay Manohar Sapre. Other members of the committee included OP Bhat, KV Kamath, Nandan Nilekani, Somashekhar Sundaresan, and retired Justice JP Devadhar.

The committee had submitted its report before the top court in May, wherein it had stated that a conclusion that there was a regulatory failure by SEBI could not be drawn yet.