Adani-Hindenburg issue: Sebi seeks 15 more days from SC to file report

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NEW DELHI: The Securities and Exchange Board of India (Sebi)has sought 15 more days from the Supreme Court to file its report on probe into Adani-Hindenburg Research issue, including alleged stock market manipulation and short-seller’s modes operandi.

In an application, the Sebi has informed the SC that substantial work has been done regarding probe and report will be filed after 15 days.
Sebi began looking at offshore investments into Adani’s ports, power and infrastructure empire in October 2020. The heart of the matter is whether Adani used companies registered abroad to conduct business and pump up his share prices without properly disclosing affiliations. Adani has repeatedly denied wrongdoing and said it has made all required disclosures.

The US-based shortseller Hindenburg’s broadside, more than two years later, reiterated the allegations and heaped pressure on the regulator to hasten the probe.
Hindenburg Research in its January 24 report that levelled allegations of fraud, stock manipulation, and money laundering against the Adani group, had also flagged inadequate disclosures of related party transactions. Adani group has denied all allegations.
(With inputs from agencies)