Adani-Hindenburg Case: SEBI Seeks 6-Month Extension To Finish Probe

New Delhi: The Securities and Exchange Board of India (SEBI) has requested extra time to finish looking into the accusations made by Hindenburg Research against the Adani Group. The market regulator requested six additional months to complete its inquiry in a Supreme Court petition that was submitted on Saturday.

The Sebi notified the court that it had provided the Expert Committee with a thorough status report and preliminary conclusions.

Adani Enterprises Limited, Adani Power Limited, Adani Transmission Limited, Adani Green Energy Limited, Adani Ports and Special Economic Zone Limited, Adani Total Gas Limited, and Adani Wilmar Limited are among the seven listed Adani companies and their affiliates that are being scrutinised and asked to provide documents and information.

“Given the complexity of the matter, SEBI in the normal course would take at least 15 months for completion of the investigation of these transactions, but is making all reasonable endeavours to conclude the same within six months,” SEBI added.

The Adani Group stocks suffered losses on the stock exchange after Hindenburg Research published a report accusing the business conglomerate run by industrialist Gautam Adani of engaging in fraudulent transactions and manipulating share prices.

The Adani Group denied the accusations and insisted that it adheres to all legal and disclosure standards.

The Supreme Court had ordered market watchdog Sebi to wrap up its investigation into the Adani-Hindenburg matter and submit the findings within two months on March 2.

Now, Sebi has requested an additional six months to complete its inquiry into the Adani-Hindenburg dispute.