India  

Adani Group cooperating in investigation, says no conclusions of wrongdoing

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The Securities and Exchange Commission of India (SEBI) has requested a six-month extension to complete its investigation into allegations made by Hindenburg Research against the Adani Group. On February 25, a US-based short seller accused the conglomerate of financial violations, which directly affected its market value by more than $140 billion. Meanwhile, the Supreme Court of India instructed SEBI to assemble a six-member team of experts to investigate the case within two months and protect Indian investors.

However, SEBI has submitted an extension request citing complex transactions involving the Adani Group’s listed, unlisted and offshore entities. Regulators say these transactions require a more in-depth investigation and that Adani Group is fully cooperating with the investigation. In response to SEBI’s application, Adani Group stressed that it is cooperating with the investigation and does not conclude that the regulator’s request is misguided.

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The Adani Group is a conglomerate headed by Gautam Adani and is spread across various fields including ports, airports and power generation. The group has got a lot of attention attracted after Hindenburg Research’s allegations surfaced, and since then both sides have engaged in controversy over the veracity of the allegations. SEBI’s investigation is critical to verifying the truth of the allegations and protecting Indian investors from potential financial fraud.

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