SEBI seeks 6-month extension from Supreme Court to probe Hindenburg report

A petition was filed in the Supreme Court by the Securities and Exchange Board of India (SEBI) on Saturday, seeking an extension of six months to complete investigation into the controversy surrounding the Hindenburg Research report on Adani Group of companies and the allegations surrounding it.

As per SEBI, the 12 suspicious transactions cited in the Hindenburg report would need a rigorous probe since the complex transactions were having many sub-transactions.

Earlier on March 2, the Apex Court had directed the market regulator to finish the probe by May 2.

This was in addition to the investigation ordered by the Apex Court, to be conducted by an expert committee headed by retired apex court judge, Justice AM Sapre.

SEBI submitted on Saturday that it would need another six months to complete the probe.

It apprised the expert committee of the status, steps taken and interim findings in respect of the examinations and investigations carried out by it.

In its application, the market regulator submitted that the 12 suspicious transactions cited in the Hindenburg report would need a rigorous probe of at least 15 months since those transactions are complex and have many sub-transactions.

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