Adani-Hindenburg row: SC directs SEBI to complete probe in pending cases within 3 months

The Supreme Court on Wednesday, 3 January directed the SEBI to complete its probe into two pending cases relating to allegations against the Adani group within three months.

Holding that it cannot regulate SEBI's power of investigation, a bench headed by Chief Justice D Y Chandrachud noted that SEBI has completed its probe in 22 out of 24 cases relating to allegations against the Adani group.

The apex court also said that the facts of the case do not warrant the transfer of the probe into the matter to a Special Investigation Team (SIT) or other probe agency.

The top court delivered its verdict on a batch of petitions on the Adani-Hindenburg row over allegations of stock price manipulation by the Indian corporate giant.

While pronouncing the verdict, the CJI said the power of the top court to enter the regulatory domain of the Securities and Exchange Board of India (SEBI) was limited.

The judgment on the PILs, filed by lawyers Vishal Tiwari, M L Sharma, Congress leader Jaya Thakur, and Anamika Jaiswal, was reserved on 24 November last year.

The Adani Group stocks got bludgeoned on the bourses after Hindenburg Research made a litany of allegations, including those about fraudulent transactions and share-price manipulation, against the business conglomerate.

The Adani Group dismissed the charges as lies, saying it complies with all laws and disclosure requirements.