Sebi submits Adani report to Supreme Court, says probe completed
Adani Group companies violated securities laws, it said in a submission to the Supreme Court on Friday. It has investigated 24 transactions — findings in 22 of them are final in nature, it said.
The status report provides a detailed breakdown of the steps taken by the Securities and Exchange Board of India (Sebi) during its investigation but does not reveal specific findings.
The regulator said it would take «appropriate action based on the outcome of the investigations in accordance with law».
The apex court is scheduled to hear the matter on August 29.
The Supreme Court had directed Sebi to submit its status report on the investigation into the allegations made against the Adani Group by short-seller Hindenburg Research in its January report. The report accused the group of fraud and manipulation, allegations that Adani has rejected.
Sebi carried out 13 investigations into related-party transactions.
The regulator also inquired into five cases linked to possible violation of insider trading rules.
Steps taken by Sebi
It probed two cases on stock price manipulation and one each on minimum public holding norm, foreign portfolio investors, the takeover code and trading before and after the Hindenburg report release.
The scope of the investigation on related-party transactions was to ascertain allegations relating to possible material misrepresentation in financial statements, misstatements, attempts to circumvent regulations and fraudulent transactions, if any, under various Sebi rules, it said.
The regulator scanned over 33,000 pages of documents, issued 90 summonses for personal appearance and issued over 1,000 emails to probe related-party transactions for the period from April 1, 2005, to March 31, 2023. It examined
