Adani-Hindenburg Case: SEBI Asks For 15-Days Extension In the application submitted, the market regulator stated that it has "substantially progressed" in its investigations
By Teena Jose •
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
The Securities and Exchange Board of India (SEBI) on Monday requested the Supreme Court to grant 15 more days to conclude its investigation into the Adani-Hindenburg matter and submit the status report in the same. In the application submitted, the regulator stated that it has "substantially progressed" in its investigations.
SEBI informed the court that it had diligently examined and investigated 24 matters as directed by the Supreme Court. Among these, 17 investigations had been finalized and approved by the Competent Authority in accordance with SEBI`s established procedures.
The market regulator, in an eight-page application, informed the apex court it had already probed 24 'matters'. "Out of the 24 investigations/examinations, 17 are final and complete and approved by the competent authority in accordance with SEBI's extant practice and procedures", the application stated.
In one case, the probe was completed and an interim report approved by the competent authority, however, more information was sought from foreign jurisdictions. "Upon receipt of such information, the SEBI will evaluate it to determine further course of action," the application said.
A report by the Supreme Court's six-member expert committee headed by former Supreme Court judge, Justice AM Sapre, had said the SEBI had "drawn a blank" and was in a "chicken-and-egg situation" in its investigation into the "ownership" of 13 overseas entities, including 12 Foreign Portfolio Investors (FPIs), associated with the group. The court had set a two-month deadline for SEBI to submit a status report on its investigation.
