17 of 24 Adani cases probed, need 15 days for final report: Sebi to SC

NEW DELHI: Sebi on Monday informed the Supreme Court that it has completed probes into 17 of the 24 cases related to the Adani-Hindenburg controversy, including the alleged manipulation of the stock market and the US short-seller’s dubious role resulting in meltdown of Adani Group stocks. The markets regulator said all probes would be completed before August 29.

Though it missed the August 14 deadline, set by the SC on July 11, for completing investigations, the regulator sought 15 more days till August 29 — the scheduled date of hearing in the SC — to file its final report relating to probes into the entire controversy and fall out in the stock market.

Sebi said it has examined 24 cases, of which 17 are complete and approved by “competent authorities” under the regulator’s rules and procedures. “In one matter, Sebi has completed the examination based on the material that it could gather thus far and an interim report has been prepared and approved in accordance with Sebi’s extant practices and procedures,” it said.
In this matter, Sebi had sought information in foreign jurisdictions. It said the regulator would determine further course of action after evaluating the requested information as and when it is received from the other countries.
“Of the remaining six matters, in four investigations, findings have been crystalised and the reports prepared consequent thereto are in the process of approval by the competent authority. The approval process for these four matters would be completed before August 29,” Sebi assured.
“Investigation is at an advanced stage in one of the two remaining matters. In the other, the interim report is under preparation based on the information gathered by Sebi thus far,” it said.