ET Explains: Allegations against Adani Group, Sebi probe and SC Order
The Securities and Exchange Board of India (Sebi) will now be the sole regulator examining allegations of rule violations at the Adani Group after the Supreme Court Wednesday rejected pleas to either form a special investigation team (SIT) or direct the Central Bureau of Investigation (CBI) to probe US short-seller Hindenburg Research’s charges against the infrastructure conglomerate.
The Adani Group has steadfastly denied the allegations that first surfaced about a year ago, causing the erosion of about $150 billion in market capitalization before stock prices recovered steadily through the year.
