Holding that the power to transfer investigation must be exercised in exceptional circumstances and not in the absence of cogent justifications, the Supreme Court on Wednesday ruled that it found no ground to transfer the investigation from SEBI to an SIT in the Adani-Hindenburg case.
The court said that it is limited in its powers to enter the regulatory framework of SEBI. It also said that there were no valid grounds raised to direct SEBI to revoke its amendments on FPI and LODR regulations. The regulations do not suffer from any infirmities, the court ruled. “SEBI has completed investigation in 20 out of 22 matters.
