Responding to allegations that it has been investigating Adani group companies since 2016, market regulator SEBI has told the Supreme Court that these allegations were “baseless.”

In a rejoinder filed by SEBI, it said its investigation into the issuance of Global Depository Receipts of 51 companies is complete and no listed company of Adani group was a part of this investigation.

“Hence, the allegations that the Securities and Exchanges Board of India (SEBI) is investigating Adani since 2016 is baseless. I, therefore, say and submit that reliance sought to be placed on the investigation pertaining to GDRs is wholly misplaced,” it said.

SEBI’s extension request

SEBI’s affidavit is in the context of its request for more time to investigate allegations made by Hindenberg Research. Last week, it was alleged that the market regulator was investigating Adani since 2016.

In its rejoinder, SEBI has reiterated that it needs more time in the Hindenberg case because it involves multiple entities spread across different geographies. Further, in the investigation of minimum public shareholding norms, SEBI has already approached 11 overseas regulators under the Multilateral Memorandum of Understanding with the International Organisation of Securities Commissions, the regulator’s affidavit said.

Various requests for information were made to these Regulators. The first request to overseas Regulators was made as early as on October 6.

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