India’s apex market regulator, the Securities and Exchange Board of India (SEBI), has refuted allegations that it has been investigating the Adani Group since 2016. In an affidavit submitted to the Supreme Court, SEBI stated that it had investigated the issuing of Global Depository Receipts (GDRs) by 51 companies, but no listed company of the Adani Group was among these. SEBI also cautioned against “premature and wrong conclusions” in the case and requested a six-month extension to ensure that justice is served.’
The Supreme Court had directed SEBI to investigate any violations before and after the Hindenburg report on the Adani Group within two months. It had also appointed a panel of domain experts to look into India’s regulatory mechanism to protect investors, which submitted its report to the Supreme Court earlier this week. SEBI asked for a six-month extension, which the Supreme Court may agree to in a decision expected in three months.
SEBI’s lawyer said that the matter involves cross-border jurisdictions and would take time to process. The Adani Group has received a major reprieve with SEBI’s response to the petition and the Supreme Court’s indication of a possible extension.
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