SEBI Denies Allegations Of Investigating Adani Firms Since 2016 As ‘Baseless'

The Securities Exchange Board of India (SEBI) today informed the Supreme Court that the assertions that it has been looking into the Adani Group since 2016 are "factually baseless." No listed Adani entity is involved in the 2016 investigation involving 51 entities, according to the regulator in an affidavit.

The Supreme Court is currently considering SEBI's request for additional time to look into claims made against the Adani Group.

On March 2, the Supreme Court ordered the Securities and Exchange Board of India (SEBI) to wrap up its investigation into claims made against Adani Group by US short-seller Hindenburg Research in two months.

The Securities and Exchange Board of India (SEBI) stated in a court filing that it has already contacted eleven foreign regulators for information in order to determine whether the Adani group has broken any rules surrounding its publicly traded shares.

The Securities and Exchange Board of India will likely be given three additional months to complete its investigation into claims that the Adani group had manipulated stock prices, the Supreme Court announced on Friday, dismissing claims that it had placed the blame for regulatory failure on SEBI.

Adani group companies witnessed a market value decline of over 50% following accusations by US-based short-seller Hindenburg Research about their high debt levels and tax haven usage. The conglomerate, led by Gautam Adani, who is among the wealthiest individuals globally, dismissed the allegations and denied any wrongdoing. The group claimed that the accusations were baseless and stated its adherence to all laws and disclosure obligations.