Hindenburg row: SC plea seeks conclusive Sebi report in Adani case

Fresh public doubt necessitates Sebi to conclude its probe and declare findings: petitioner

A new petition has been filed in the Supreme Court, seeking a conclusive report from the Securities and Exchange Board of India (Sebi) on its Adani-Hindenburg investigations.

This comes amid fresh allegations by Hindenburg questioning Sebi Chairperson Madhabi Puri Buch's potential conflict of interest, which may be impeding the probe.

The petition argues that these allegations have created public doubt and necessitate Sebi to conclude its investigations and declare its findings. It notes that the Supreme Court had set a three-month timeline for Sebi to complete its investigations, which cannot be interpreted as merely preferential.

In January, the apex court directed Sebi to complete its investigations within three months. Sebi has since clarified that only one probe remains pending, with 23 others completed, including one concluded in March.

 

The petition, filed by advocate Vishal Tiwari, emphasises the public interest in knowing the conclusions of Sebi's investigations. Tiwari had previously filed the initial plea in the Adani-Hindenburg matter.

The Supreme Court had earlier noted that third-party reports, like those by Hindenburg and OCCRP, cannot be considered. Further, the apex court found no infirmities in Sebi's probe.

Sebi had submitted a status report detailing its process, including documents analysed, emails sent, and assistance sought from offshore regulators. However, an expert panel constituted by the Supreme Court highlighted that Sebi's probe faced challenges in obtaining detailed information from offshore funds.