Adani-Hindenburg Issue: SEBI, the regulator of the stock market, has filed the status report of the investigation in the Adani-Hindenburg case in the Supreme Court. In its report, SEBI said that it has investigated 24 cases, out of which 22 investigations have been completed and 2 investigation reports are currently interim. In these two cases, SEBI is awaiting reports from foreign agencies. SEBI has said that it will take further action on the basis of the facts revealed in the investigation.

In the two cases in which the interim report has been submitted, 13 foreign entities of the Adani group are being investigated. In this case, SEBI has asked five countries to share detailed information about these foreign portfolio investors. In an interim report, SEBI said that it included 13 foreign entities that were recognized as public shareholders by Adani group companies.

SEBI said that it is a big challenge to prove the economic interests of 12 foreign portfolio investors, which are entities related to foreign investors in tax havens. FPI is also a major component in non-promoter and public shareholding in any listed company. According to SEBI rules, it is very important for listed companies to have 25 percent non-promoter public shareholding.

The Supreme Court had given SEBI time till August 14 to complete the investigation and submit the status report against the Adani group on Hindenburg’s allegations. On August 14, SEBI had sought 15 more days from the Supreme Court to complete the investigation and submit the status report. The Supreme Court will hear this matter on 29 August 2023.

On January 24, 2023, the short seller Hindenburg Research accused the Adani Group of rigging its stocks to increase the prices of the shares, after which there was a big fall in the shares of the Adani Group. Later a public interest litigation was filed in the Supreme Court for investigation. The Supreme Court had constituted a panel to investigate and SEBI was also asked to investigate.