Citing the “complexity of the matter” and the “interest of justice,” market regulator Securities and Exchange Board of India (SEBI) asked the Supreme Court on Saturday for a six-month extension, “at the very least,” to complete its investigation into allegations of fraud and stock manipulation levelled against the Adani Group by US research firm Hindenburg.
SEBI stated in a court application that “in respect of the investigation/examination relating to 12 suspicious transactions, it is noted that these transactions are complex and have many sub-transactions, and a rigorous investigation of these transactions would require collation of data/information from various sources along with detailed analysis including verification of submissions made by the companies.”
By order dated March 2, the Supreme Court gave SEBI two months to complete the investigation into the group’s allegations. Separately, the Supreme Court established a six-member expert committee “to investigate whether there was a regulatory failure in dealing with the alleged violation of securities market laws in relation to the Adani Group or other companies” and directed it to submit a report in sealed cover within two months.
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