Mahua Moitra On SEBI: The Security and Exchange Board of India (SEBI) has sought 6 months more time from the Supreme Court to complete the investigation into the allegations leveled against Hindenburg Research’s Adani Group. Market regulator SEBI filed its request in the Supreme Court on Saturday (April 29). Trinamool Congress (TMC) MP Mahua Moitra has targeted SEBI regarding this.
Describing SEBI’s request as a joke, he has alleged that he is seeking time to save his favorite businessman so that he can get maximum time to cover the case. Taking to Twitter, he said, “This is a joke. SEBI India is investigating this matter from October 2021. He also replied to my letter in July. While prima facie they see a violation (no surprise) – they want 6 months to save their favorite businessman so that maximum time is available to cover the matter.”
What is the matter?
In fact, Hindenburg Research made several allegations including fraud, share-price manipulation against the business group led by industrialist Gautam Adani. The Adani group dismissed the allegations as false. Adani Group says that all the laws have been complied with. On March 2, the Supreme Court directed market regulator SEBI to complete its probe in the Adani-Hindenburg matter and submit the report within two months.
What did SEBI say in the court?
Regarding this, on Saturday (April 29) SEBI has told the Supreme Court that it needs more time “to conduct proper investigation and arrive at verifiable findings”. Sebi said that further investigation is necessary in such cases where preliminary findings point towards violation of securities laws.
Also read: Adani Hindenburg Report: SEBI seeks additional time of 6 months from Supreme Court in Adani-Hindenburg case