India regulator seeks six more months to complete Adani probe

Hindustan Times The Securities and Exchange Board of India (SEBI) on Saturday sought another six months from the Supreme Court to complete its probe on alleged breach of laws against the Adani Group following a damaging report by US short-seller Hindenburg Research in January that wiped out more than $140 billion in market capitalisation of the conglomerate.

A Supreme Court bench headed by Chief Justice of India Dhananjaya Y Chandrachud on March 2 ordered the market regulator to conclude its probe within two months and submit a report.

Moving an application on Saturday, SEBI said it has zeroed in on 12 “suspicious transactions” for possible violations related to misrepresentation of financials, circumvention of regulations or fraudulent nature of transactions that require extensive probe before any conclusion can be drawn.

“In respect of the investigation/examination relating to 12 suspicious transactions, prima facie it is noted that these transactions are complex and have many sub -transactions and a rigorous investigation of these transactions would require collation of data/information from various sources along with detailed analysis including verification of submissions made by the companies,” the regulator said in its plea reviewed by HT.