Market regulator SEBI has told the Supreme Court that its ongoing investigations against Adani group, following the allegations made by Hindenberg Research report, are complex in nature and therefore need at least six more months to be completed. The top court had asked SEBI to complete the investigations in two months.
SEBI has submitted that “as is the case in most investigations, every layer of information received often leads to further layers of information that are required, sought, obtained and analysed and this process is particularly time consuming where there is a complex web of transactions”.
SEBI is conducting an investigation into allegations made by a foreign short-seller on January 25, 2023 and also into market activity before and after that date.
An Adani group spokesperson said “We have welcomed the investigation, which represents a fair opportunity for everyone to be heard and for all issues to be addressed. We are fully compliant with all laws, rules and regulations and are confident that truth will prevail. We are fully cooperating with SEBI and will continue to provide all our support and cooperation.”
“It is pertinent to note that in the SEBI application filed before the Hon’ble Supreme Court, there are no conclusions of any alleged wrong-doing. The SEBI application only cites the allegations made in the short-sellers report, which are still under investigation,” it added.