In rejecting the demand for a transfer of the Adani-Hindenburg case from the Securities and Exchange Board of India (Sebi) to the Central Bureau of Investigation (CBI), the Supreme Court has reposed faith in the market regulator. That should be welcomed as any move otherwise would have severely undermined Sebi’s authority and credibility, for no apparent reason. The court’s refusal to take media reports as well as the one by the Organized Crime and Corruption Reporting as evidence is understandable. After all, such external reports should be treated only as information and not evidence to prove a wrongdoing.
