Shillong, September 4: The Supreme Court is scheduled to examine the latest status report submitted by the Securities Exchange Board of India (SEBI) on September 15. A bench led by Chief Justice D.Y. Chandrachud will hear the case on that day.
IANS reported that according to information available on the official website of the apex court, SEBI, in a recent status report filed on August 25, revealed that it had investigated 24 matters in accordance with the court’s orders. SEBI stated that it would take appropriate actions based on the outcomes of its investigations into the Adani-Hindenburg matter.
The report, filed by Executive Director V.S. Sundaresan of SEBI, noted, “Out of the said 24 investigations, 22 are final in nature and 2 are interim in nature. As of the present date, the said 22 final investigation reports and 1 interim investigation report have been approved by the Competent Authority following SEBI’s existing practices and procedures.”
Regarding the remaining matter, where interim findings have been approved by the Competent Authority, SEBI has sought information from external agencies or entities. The report stated that SEBI will evaluate this information in conjunction with the interim investigation report to determine any further actions required.
On August 14, SEBI had requested a 15-day extension to complete the investigation process and submit a status report. At that time, the market regulator mentioned 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.”
Previously, SEBI had presented its views to the Supreme Court on various recommendations from the Court-appointed Expert Committee regarding the Adani-Hindenburg case. SEBI had opposed the idea of setting specific timelines for initiating investigations and proceedings, citing concerns that it might compromise the quality of investigations.
On March 2, the apex court established an expert committee, led by Justice A.M. Sapre, a former Supreme Court judge, with the aim of reviewing and strengthening existing financial regulatory mechanisms. The court had directed SEBI to conclude the investigation within two months and file a status report.
In May, the Supreme Court granted an extension until August 14, 2023, to the market regulator to submit its report. The controversial Hindenburg Research report had accused the Adani Group of manipulating share prices, failing to disclose transactions with related parties, and violating securities laws, which led to significant market repercussions for billionaire Gautam Adani.