Adani-Hindenburg Case: Not seeking extension of time, SEBI tells SC

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The Securities and Exchange Board of India (SEBI) during an hearing before the Supreme Court on Friday submitted that it is not seeking an extension of time with respect to Adani Hindenburg case.

Solicitor General (SG) Tushar Mehta, senior law officer appearing for the market regulator, SEBI, told the bench of the Top Court, headed by the Chief Justice of India (CJI) Dr Dhananjaya Yeshwant Chandrachud, that the SEBI has begun process to arrive at the decision post probe.

“We are not seeking extension of time,” SG Mehta told the Apex Court.

He said that there are 24 cases for investigation, and in 22 cases investigation has been completed. For the balance two, we need information from foreign regulators, and have been in touch with them.

The Top Court questioned, one of the reasons we intervened was the volatility in share prices. It asked the SG, what is SEBI doing to protect investors from volatility.

“Has there been any wrongdoing with respect to short selling post the report,” the CJI asked the SG.

He replied that action being taken wherever short selling has been seen.

SG Mehta said that we need information from foreign regulators etc. We have been in consultation with them. Some information has come. But we are not in control of time limit for obvious reasons.

He also said that we have the suggestions from expert committee also- where the regulatory framework is lacking etc- that is a larger issue because it applies across the board.

The senior law officer also said that so far as expert committee is concerned, in principle, there are no objections to the suggestions. In principle, we agree with the suggestions.

The Supreme Court was hearing the batch of petitions seeking an investigation into the Adani Hindenburg case.

One of the petitioners sought contempt of court proceedings against SEBI for failing to complete on time its probe into stock manipulation allegations against the conglomerate.

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