The Supreme Court dismisses the plea for a Special Investigation Team (SIT) or CBI probe into Adani groups alleged stock price manipulations.
Credit:
Pinterest
SEBI Investigation
The three-judge bench, led by CJI DY Chandrachud, upholds confidence in the ongoing Securities and Exchange Board of India (SEBI) investigation, finding no grounds for doubt.
Credit:
ANI
SEBI Regulations Validated
The Court affirms the validity of SEBIs amendments on Foreign Portfolio Investment (FPI) and Listing Obligations and Disclosure Requirements (LODR) regulations.
Credit:
Pinterest
Remaining SEBI Investigations
The Supreme Court directs SEBI to conclude the investigation in the remaining 2 out of 24 cases within three months, acknowledging SEBIs completion of 22 cases.
Credit:
Pinterest
Discrediting Media Reports?
The Court rejects reliance on newspaper reports and third-party organisations, emphasising the need for substantiated evidence over unverified sources.
Credit:
Pinterest
Conflict Of Interest
The Court dismisses arguments regarding a conflict of interest within the Expert Committee but urges the government and SEBI to consider committee recommendations for regulatory strengthening.
Credit:
Pinterest
Investigation Into Investor Losses
The Court instructs SEBI and investigative agencies to probe potential law infringements causing losses to Indian investors due to Hindenburg Research and others.
Credit:
Pinterest
Caution Against PILs
In a cautionary note, the Court advises against filing Public Interest Litigations without thorough research and relying on unverified reports.
Credit:
Pinterest
The Hindenburg Report
A detailed background information on the Hindenburg Research report published on January 24, 2023, accusing the Adani Group of stock manipulations. The issue was born after the report was published.
Credit:
Pinterest
PILs, Committee Formation
After the Public Interest Litigations was filed, it lead to the Supreme Courts formation of an expert committee, including its members.
Credit:
Pinterest
SEBI's Extension Requests
SEBIs requests for extensions due to the complexity of transactions and interactions with overseas regulators were highlighted during the hearing.
Credit:
Pinterest
SC's Initial, Extended Deadlines
The Supreme Court initially extends SEBIs deadline to August 14, 2023, and later grants an additional 15 days, expressing progress in the investigation.
Credit:
Pinterest
SEBI's Progress Report
SEBI reports substantial progress, including an interim report and the evaluation of information received from foreign regulators.
Credit:
Pinterest
SC's Confidence In SEBI
The Court expresses confidence in SEBIs advancements and grants the requested extension, indicating cooperation between regulatory bodies.
Credit:
Pinterest
Acknowledging Roles Of Govt, SEBI
While dismissing certain claims, the apex court recognises the role of the government and SEBI in responding to committee recommendations.
Credit:
Pinterest
Final Directions
The Court provides specific directives for the investigation into investor losses and underlines the importance of a robust regulatory framework.
