SEBI was replying to a petition alleging that the Adani group has been under investigation since 2016.
Digital Desk: SEBI, the market regulator, informed the Supreme Court today
that allegations that it has been probing Adani Group since 2016 are
"factually baseless." It also warned against drawing "premature
and incorrect conclusions" from the case.
SEBI, or the Securities and Exchange Board of India, stated in
an affidavit that it has investigated the issuance of Global Depository
Receipts by 51 firms, none of which were listed companies in the Adani Group.
SEBI was replying to a petition alleging that the regulator had
been examining the Adani group since 2016 and had resisted a six-month
extension of the probe.
SEBI was replying to a petition alleging that the Adani group has been under investigation since 2016.
SEBI, the market regulator, informed the Supreme Court today
that allegations that it has been probing Adani Group since 2016 are
"factually baseless." It also warned against drawing "premature
and incorrect conclusions" from the case.
SEBI, or the Securities and Exchange Board of India, stated in
an affidavit that it has investigated the issuance of Global Depository
Receipts by 51 firms, none of which were listed companies in the Adani Group.
SEBI
was replying to a petition alleging that the regulator had been examining the
Adani group since 2016 and had resisted a six-month extension of the probe.
"The'investigation'
referred to in paragraph 5 of the reply affidavit has no relation and/or
connection to the issues referred to and/or arising out of the Hindenburg
Report," SEBI informed the Supreme Court.
"The
matter referred to... concerns the issuance of GDRs by 51 Indian listed
companies, the subject of an investigation." "However, no Adani Group
listed company was among the aforementioned 51 companies," SEBI stated.
"As a result of the investigation's conclusion, appropriate
enforcement actions were taken in this matter." As a result, the claim
that SEBI has been investigating Adani since 2016 is false."
In its request for a six-month extension, SEBI also warned
against a "premature conclusion" of the case.
"The application
for extension of time filed by SEBI is meant to ensure carriage of justice
while keeping the interests of investors and the securities market in mind
because any incorrect or premature conclusion of the case reached without full
facts.. material on record would not serve the ends of justice and thus would
be legally untenable," the regulator said.
On March 2, the Supreme Court instructed SEBI to investigate any
irregularities before and after the Hindenburg report on the Adani Group within
two months.
In response to petitions, the Supreme Court established a group
of domain experts to investigate India's regulatory structure for investor
protection. Earlier this week, the group delivered its report to the Supreme
Court's registrar.
On April 29, three days before SEBI's deadline, the regulator
requested an extension of six months. According to SEBI's counsel, the dispute
involves cross-border jurisdictions and would take time to resolve.
The Supreme Court hinted
on Friday that it might consent to a three-month extension.
Continue Reading
