SEBI Seeks Time from SC to Probe Stock Price Manipulation

SEBI seeks time from the Supreme Court to investigate the alleged stock price manipulation of Adani Group

The Securities and Exchange Board of India (SEBI) has asked the Supreme Court for an additional 15 days to complete its investigation into claims that the Adani Group was involved in stock price manipulation. The Supreme Court was to get the report by the deadline of Monday, but SEBI has stated that it requires further time to conclude its inquiry.

The accusations against the Adani Group come from a report by the US-based short-seller, Hindenburg Research, which claimed that the group had engaged in various fraudulent activities to raise the price of its shares artificially. SEBI has allegedly examined several witnesses, including Adani Group workers, as part of its ongoing investigation into these claims, which began in February.

SEBI stated that it is still awaiting the response from some of the witnesses it has spoken with in its request for more time. The agency has also stated that it needs more time to analyze the information and materials it has gathered while conducting its inquiry. On SEBI's motion, the Supreme Court will likely decide soon. The SEBI will have until August 29 to submit its report if the court allows the extension. The Adani Group has refuted the accusations and stated that it is committed to upholding the highest standards of corporate governance. The group has additionally stated that it fully assists SEBI with its probe.

The Adani Group has recently been embroiled in several issues, the newest of which is the claim of stock price manipulation. Additionally, the group has been charged with environmental violation and utilizing its political connections to gain government favor.