Adani-Hindenburg verdict, the Supreme Court ruled on Wednesday that the Adani Group cannot enter into the regulatory regime's territory and that the Hindenburg report or anything similar cannot be the foundation for an order to conduct a separate investigation, which came as a huge relief to the Adani Group. The SEI will proceed with its investigation following the law.
The apex court said that there was insufficient evidence to suggest that SeBI moved slowly to take action.
The Supreme Court also refused the SIT probe transferring the investigation from SEBI.
The court stated in reading the decision that the Supreme Court's authority to review the SEBI regulatory framework is constrained. No good reason was given for SEBI to reverse the modifications it made to the FPI and LODR regulations. Twenty out of twenty-two matters have been concluded by SEBI. The order stated that it would wrap up the probe in the remaining two cases in three months.
"Reliance on newspaper reports and third-party organisations to question the statutory regulator does not inspire confidence. They can be treated as inputs but not conclusive evidence to doubt SEBI probe," the order said.
