SEBI seeks six-month extension to probe Adani Group after Hindenburg Report
The Securities and Exchanges Board of India (SEBI), India’s market watchdog, has petitioned the Supreme Court for an additional six months to investigate the accusations brought against the Adani Group in the Hindenburg Report.
On March 2, the Supreme Court established a six-member panel and instructed SEBI to provide all evidence to the committee looking into potential securities law breaches and inadequate data disclosure by the business. On Saturday, SEBI submitted a proposal for the extension of the deadline.
In a report published in January 2023, short seller Hindenburg, located in New York, accused the Adani group of breaking regulatory rules and engaging in financial irregularities. The study that accused the Adani group of stock market claims caused Gautam Adani to lose a substantial amount of wealth, which caused the stock price of the firm to fall. However, news of debt repayments caused the markets to rebound in the following period.
