Sebi seeks 15 more days from Supreme Court for Adani report

economictimes.indiatimes.com:

Securities and Exchange Board of India (Sebi) on Monday asked the Supreme Court for another 15 days to complete its investigations and submit a status report on the allegations made by US short-seller Hindenburg Research against the Adani Group. The market watchdog said «substantial work» has been done as it sought more time. The apex court had on May 17 given Sebi time until August 14 to complete its probe into Hindenburg's allegations and the subsequent crash that wiped billions of dollars from the market capitalisation of Adani Group's listed companies following the January report.

In its application seeking more time, Sebi told the court it has finished the investigation into 17 out of 24 transactions. These findings have been approved by the competent authority in accordance with Sebi's procedures. In one case, Sebi has completed the investigation based on the material that could be gathered and an interim report has been prepared.

The regulator has sought information from overseas agencies and regulators, among others and will evaluate this to determine the further course of action. «Out of the remaining six matters, in four investigations/examinations, findings have been crystallised and the reports prepared consequent thereto are in the process of approval by the competent authority,» Sebi said in its affidavit.Sapre panel «Sebi expects to complete the approval process in respect of the four matters shortly and in any event before the next date of hearing on August 29,» it said. In the remaining two matters, investigations are at an advanced stage in one.