New plea likely in Supreme Court for Sebi's final findings in Adani case

The petitioner will be filing another plea on Monday seeking updates

Advocate Vishal Tiwari, the petitioner in the Adani-Hindenburg matter who first filed a plea in the Supreme Court (SC) for a probe, plans to file another plea before the apex court requesting the conclusive report by the Securities and Exchange Board of India (Sebi) on its investigations.

Tiwari told Business Standard that he intends to file the plea by Monday night, requesting the apex court to direct Sebi to publish its findings on the matter.

“There has been a delay in filing the investigation findings. The SC had provided a three-month timeline in January that has long since passed. We are requesting that the findings be made public,” said Tiwari.

 

The call for the final report gained momentum after Hindenburg Research published a new report questioning the objectivity of Sebi Chairperson Madhabi Puri Buch. The investment firm claimed that Puri Buch had a “stake” in an offshore fund used by the Adani group to violate norms. However, the Sebi Chair has refuted the allegations and provided a point-by-point rebuttal.

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Earlier on Sunday, Sebi in its statement said that it had completed one of the two pending investigations and that the remaining one was nearing completion.

In January, the SC had directed the capital markets regulator to complete its probe within three months. Sebi had submitted to the court that it had completed the probe in 22 of the 24 matters.

The apex court had determined that there was no basis to transfer Sebi’s investigation of the Adani-Hindenburg matter to a special investigation team.

The court also found no valid grounds to direct the watchdog to revoke its amendments to the Sebi (Foreign Portfolio Investors) Regulations and Sebi (Listing Obligations and Disclosure Requirements) Regulations.

A Bench led by Chief Justice of India D Y Chandrachud observed that the regulations did not suffer from any infirmities.

Earlier, a report by an expert committee formed to oversee the market had noted that Sebi had hit a wall in its probe of the conglomerate, particularly regarding the regulators of offshore jurisdictions where certain foreign portfolio investors were based.