Adani-Hindenburg Case: Supreme Court Sets Up A Panel; KV Kamath, Nilekani Among Members

The Supreme Court directed market regulator SEBI to investigate the allegations raised in the public interest petitions in the Adani Group-Hindenburg Research matter. The regulator has been asked to expeditiously conclude the investigation within two months and file a status report.

The Adani-Hindenburg matter had reached the top court last month when two public interest litigation petitions were filed seeking a direction regarding allegations against the Adani Group. Soon after, another two petitions were filed by Congress leader Jaya Thakur and Anamika Jaiswal, and all four petitions were clubbed together.

The Supreme Court had previously voiced concern for investors when it was revealed that the Adani Group's investors had lost a total of Rs 10 lakh crore after short-seller firm Hindenburg had made its report public.

In its response to the court, the Securities and Exchange Board of India argued that India's existing regulatory structure is solidly built to guarantee the health and growth of the securities markets while also protecting investors' rights.

It had emphasised the robustness of the Indian market, saying that this is an isolated incident involving a single group of companies that has had no systemic or market-wide effects that would necessitate a review of the existing regulatory structure.

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