Sebi seeks more time for Adani probe

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Markets regulator Securities and Exchange Board of India (Sebi) on Monday sought more time from the Supreme Court to finish the probe into the allegations of stock price manipulation by Hindenburg Reasearch against the Adani group. In its application, Sebi said that it has investigated 24 matters pertaining to the case. “Out of the said 24 investigations/examinations, 17 are final and complete and approved by the competent authority in accordance with SEBI’s extant practice and procedures,” the regulator said. it said intereim report has been prepared in one  case while six others are in various stages of completion would be completed shortly. It has urged the apex court to pass an order extending the time granted to SEBI to conclude the investigation and submit the status report by “15 days or such other period as this court may deem fit and necessary in the facts and circumstances of the present case.”

On July 11, the top court had asked the SEBI about the status of its ongoing investigation into the allegations of stock price manipulation by the Adani group and said the probe has to be concluded expeditiously by the extended time it has granted till August 14.

Prior to that, on May 17, the apex court had granted SEBI time till August 14 to complete its probe into the allegations of stock price manipulation by the Adani group, and asked the market regulator to place on record an updated status report of the probe. A Supreme Court-appointed expert committee had in an interim report in May stated that it saw “no evident pattern of manipulation” in billionaire Gautam Adani’s companies and there was no regulatory failure. It, however, cited several amendments the SEBI made between 2014-2019 that constrained the regulator’s ability to investigate, and its probe into alleged violation in money flows from offshore entities has “drawn a blank”. On May 17, the apex court had directed that copies of the report submitted before it by the top court-appointed Justice (retd) A M Sapre expert committee be made available to the parties to enable them to assist it in further deliberations in the matter. (With inputs from PTI)