Claims that Sebi has been investigating Adani since 2016 are unfounded: Sebi to SC


The Securities and Exchange Board of India (SEBI) has told the Supreme Court that the allegation that it has been probing Adani group since 2016 is baseless. The apex court was hearing a batch of petitions seeking the investigation of alleged irregularities in the business practices of Adani group.

SEBI’s counsel told the court that the investigation was launched in July 2017 after it received a complaint from an individual. He also said that SEBI had asked Adani group to explain certain transactions but the group had refused to cooperate with the investigation.

The counsel also told the court that SEBI had sought help from other agencies to investigate the matter but no evidence of any wrongdoing was found. He further said that the investigation was still ongoing and SEBI was still awaiting the response of Adani group.

The Supreme Court has now asked SEBI to provide a detailed report on the progress of its investigation. It has also asked the agency to submit its report within four weeks.