Sebi seeks 15 days more to wrap up Adani probe

Markets regulator apprised SC that the reports in 17 of the 24 matters are ready

- Utkarsh Anand

NEW DELHI: The Securities and Exchange Board of India (Sebi) approached the Supreme Court on Monday, seeking an extension of 15 days to conclude its investigation into allegations of stock manipulation and accounting fraud against the Adani group made by US short-seller Hindenburg Research.

By an order on May 17, the court had directed stock market regulator Sebi to complete its probe by August 14. Stating that "it has progressed substantially", the market regulator said the extension would enable it to submit the final status report on 24 issues it has probed in connection with the report by Hindenburg. The Adani group has denied the allegations levelled in Hindenburg's January 24 report.

Sebi apprised the top court that reports in 17 of the 24 issues are ready while the remaining seven are at different stages of being finalised.

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 jurisdiction to determine the further course of action, it said.