India’s market regulator SEBI has sought 15 more days to complete its probe into the Adani group’s dealings, it said in a filing before the country’s Supreme Court.
The Securities and Exchange Board of India (SEBI), which was due to submit its report on Monday, said it has completed looking into 17 out of the 24 transactions it had taken up for investigation.
SEBI has sought more information from other regulators and foreign jurisdictions to plan a further course of action.
The regulator said that it has made substantial progress in the investigations but due to pending probes on certain transactions, it would be in the ‘interest of justice’ to get fifteen more days to file the final report.
The group’s listed companies lost more than $100 billion in market value earlier this year after U.S.-based Hindenburg Research raised several governance concerns. The group has denied wrongdoing.
Following this, the Supreme Court asked SEBI to look into the allegations made and submit its findings to a six-member panel formed in March, which included a retired judge and veteran bankers.
