SEBI seeks 6 more months from SC to complete probe

Almost two months after the Supreme Court directed SEBI to probe allegations of stock price manipulation by the Adani Group and possible lapses in regulatory disclosures, the Indian market regulator has moved the top court seeking a six-month extension to complete the probe.

In an application filed before the expiry of the two-month period on May 2, SEBI submitted that to ascertain possible violations related to “misrepresentation of financials, circumvention of regulations and/or fraudulent nature of transactions”, it would take six more months to complete the exercise. SEBI urged the top court to pass an order extending the time to conclude the investigation by a period of six months.The top court is expected to take it up the matter Monday.