Adani-Hindenburg issue: SC rejects plea for SIT, says no ground to doubt SEBI probe

New Delhi: The Supreme Court has rejected the plea for constituting a special investigation team functioning under its supervision to probe into the allegations against the Adani group raised by the US short seller Hindenburg and the market regulator SEBI which is currently investigating the charges against the multi-billionaire-led business conglomerate.

A bench comprising Chief Justice DY Chandrachud, Justice JB Pardiwala, and Justice Manoj Misra delivered the judgment on as many as four petitions. The petitions were filed by lawyers Vishal Tiwari, ML Sharma, and Congress leaders Jaya Thakur and Anamika Jaiswal

Refusing to grant the petitioners' plea, the Supreme Court on Wednesday said SEBI will continue its investigation as there is no ground to prove that SEBI was lackadaisical. The Supreme Court said it can't enter into the domain of the regulatory regime and the report of Hindenburg or anything like that can't become the basis of ordering a separate probe. The SEBI will go ahead and continue its probe as per the law, the apex court said ordering SEBI to finish its investigation within three months.

Reading out the verdict, the court said the power of the apex court to enter the regulatory framework of SEBI is limited. No valid grounds were raised to direct SEBI to revoke its amendments on FPI and LODR regulations. SEBI has completed an investigation in 20 out of 22 matters. It will complete the investigation in the other two cases within three months, the order said.