Adani probe: Sebi seeks 15 more days

Sebi said the extension would allow it to submit the final status report on 24 issues it has investigated in connection with the Hindenburg report

- Utkarsh Anand

The Securities and Exchange Board of India (Sebi) sought a 15-day extension from the Supreme Court to conclude its investigation into stock manipulation allegations against Adani Group by US short-seller Hindenburg Research, asserting that the markets regulator has made substantial progress in the probe.

Sebi said the extension would allow it to submit the final status report on 24 issues it has investigated in connection with the Hindenburg report. The top court had on 17 May directed Sebi to complete the probe by 14 August. Adani Group has denied the allegations levelled in Hindenburg’s 24 January report.

Sebi apprised the apex court that reports in 17 of the 24 issues are ready while the remaining seven are at various stages of being finalized. In one of the seven, an interim report has been prepared on the basis of the material available, and the regulator has sought information from agencies in foreign jurisdictions to determine the further course of action, it said.

Of the other six matters, investigation and findings have been crystallized in four, and the reports are awaiting the approval of the competent authorities, the regulator said, adding the approvals will be in place before the next hearing on 29 August.