SEBI says claims it started investigating Adani Group in 2016 are baseless

Markets regulator Securities and Exchange Board of India told the Supreme Court on Monday that claims that it had been investigating the Adani Group since 2016 were “factually baseless”, Live Law reported.

SEBI made the submission in an affidavit to a bench headed by Chief Justice DY Chandrachud that is hearing two petitions seeking an investigation into allegations of stock manipulation by the Gautam Adani-led conglomerate.

In its affidavit, the markets regulator said that the investigation in question involved a probe into global depository receipts by 51 Indian companies. “However, no listed company of [the] Adani Group was part of the aforesaid 51 companies,” SEBI said in its affidavit.

Global depository receipts are certificates issued by banks to represent shares in a foreign company being traded in a domestic stock exchange.

The petitions seeking an investigation into the Adani Group were filed in the wake of a report published in January by American firm Hindenburg Research alleging that the Adani Group have been engaging in stock manipulation and improper use of offshore tax havens for decades.

On March 2, the Supreme Court had directed SEBI to look into whether the Adani Group had violated rules on maintaining minimum public shareholding, whether it failed to disclose transactions with related parties and whether stocks had been manipulated....

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