New Delhi, Aug 25: In a fresh status report filed before the Supreme Court, the Securities Exchange Board of India (SEBI) said on Friday that it will take appropriate action based on the outcome of the investigations into the Adani-Hindenburg matter.
The market regulator said that as on August 25, it has examined 24 matters in compliance with the orders of the top court.
“Out of the said 24 investigations, 22 are final in nature and two are interim in nature. As on date, the said 22 final investigation reports and one interim investigation report have been approved by the competent authority in accordance with SEBI’s extant practice and procedures,” said the status report filed by SEBI Executive Director, V.S. Sundaresan.
Further, it said that in respect of one remaining matter, interim findings have been approved by the competent authority, and SEBI has sought information from external agencies or entities.
“Upon receipt of such information, SEBI will evaluate the same vis-a-vis the interim investigation report to determine further course of action, if any, in the said matters,” it said. On August 14, the SEBI had sought an extension of 15 days to conclude the investigation process and file a status report in the matter.
The market regulator had then said that “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”.
Earlier, SEBI had filed its views before the Supreme Court on the various recommendations made by the court-appointed expert committee in connection with the Adani-Hindenburg case. The SEBI had opposed the suggestion of prescribing timelines for initiation of investigation and proceedings and said that “prescribing specific timelines to complete the investigation may compromise the quality of investigation”.
The apex court had on March 2 formed an expert committee headed by Justice A.M. Sapre, former judge of the Supreme Court, with an objective to review and strengthen the existing financial regulatory mechanisms.
It had directed SEBI to expeditiously conclude the investigation within two months and file a status report. Later in May, the Supreme Court had granted an extension of time till August 14 to the market regulator to submit its report.
The controversial Hindenburg Research’s report, inter alia, alleged that the Adani Group of companies manipulated its share prices; failed to disclose transactions with related parties and other relevant information concerning related parties in contravention of the regulations framed by SEBI. (IANS)
