Adani-Hindenburg scam: Sebi seeks 15-day extension from Supreme Court to complete probe

Sebi has asked the Supreme Court to grant 15 more days to file its report on probe into Adani-Hindenburg issue, saying substantial work has been done in this regard.

The court had earlier directed the market regulator Sebi, to file its probe report with respect to Adani-Hindenburg case by August 14.

In an application, the Sebi asked the court to pass an order extending the time granted to it in terms of the orders issued on March 2 and May 17, 2023 to conclude the investigation and submit the status report.

The Supreme Court had earlier fixed the matter, arising out of PILs filed by advocate Vishal Tiwari and others, on August 29.

The Sebi said in compliance with the SC order, it has examined/ investigated 24 matters. Out of the said 24 investigations/ examinations, 17 are final and complete and approved by the Competent Authority in accordance with Sebi's extant practice and procedures, it added.

The plea by the Sebi also submitted that in the matter, it has completed the investigation based on the material that could be gathered by it thus far.

An interim report has been prepared and approved by the Competent Authority in accordance with Sebi's extant practice and procedures, the Sebi said.

The regulator also said it had sought information from agencies, regulators in foreign jurisdictions, etc and upon receipt of such information, will evaluate the same to determine further course of action, if any, in the said matter.

"Out of the remaining 6 matters, in 4 investigations/ examinations, findings have been crystalised and the reports prepared consequent thereto are in the process of approval by the Competent Authority. SEBI expects to complete the approval process in respect of the 4 matters shortly and in any event before the next date of hearing, i.e. August 29, 2023," the Sebi said.

It also said that in the remaining two matters, investigation is at an advanced stage in one matter and in the other one matter, interim report is under preparation based on information gathered by Sebi so far.

In its earlier plea, the Sebi has sought extension of time by six months to complete its probe into Adani group of companies accused of "accounting fraud" and "brazen stock manipulation" according to January 25 report by the US short seller firm Hindenburg.

The court, however, had declined the request, saying it can't extend the time indefinitely and fixed it as August 14 to give the report.