The Securities and Exchange Board of India (SEBI) on Friday submitted a status report before the apex court, saying that out of 24 investigations arising out of the Hindenburg report, 22 are final in nature and two are interim in nature. The investigation was carried out in compliance with the directions of the top court’s order dated March 2, 2023, SEBI has investigated 24 matters.
SEBI submitted that it shall take appropriate action based on the outcome of the investigations in accordance with the law in various aspects. Earlier, SEBI filed an application before the Supreme Court, seeking 15 more days to conclude the investigation and submit the status report into its probe into the Hindenburg report.
In May this year, the apex court gave three months more time to the Securities and Exchange Board of India (SEBI) to conduct a probe into the Hindenburg report SEBI was granted time till August 14, 2023, to conduct the probe.
On March 2, the apex court directed the capital market regulator SEBI to investigate any violations of securities law by the Adani Group in the wake of the Hindenburg report, which led to a massive wipeout of more than USD140 billion of the Adani Group’s market value.