The Securities and Exchange Board of India (SEBI) has petitioned the Supreme Court and demanded that they need 6 more months to complete the investigation in the Adani-Hindenburg case. In its petition, SEBI has said that it will take more time to complete its investigation and reach its conclusion.
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The market regulator said that it should take at least 15 months to complete the investigation of those transactions like the allegations made by Hindenburg Research. Although SEBI also said that they are making every possible effort to complete this investigation within 6 months.
SEBI has said in the petition, ‘In such an investigation, more layers are revealed from the information received at every step. The process of processing such complex transactions takes time to gather and analyze information. The nature of the transactions alleged are complex and have a number of sub-transactions attached to them. That’s why it takes time to collect and verify information from many sources in this investigation.
In this investigation, we will also need bank statements from many domestic and international banks. Now since more than 10 years old bank statements may also be needed, it is difficult to collect all this and it is also taking time.
Securities and Exchange Board of India (SEBI)
Let us tell you that on March 2, the Supreme Court had ordered SEBI to investigate the Adani-Hindenburg case. The Supreme Court had asked to complete the investigation in two months and submit the final report. The deadline for filing the status report ends on May 2.