The Supreme Court has directed capital market regulator Securities and Exchange Board of India (SEBI) to investigate whether there has been a violation of Section-19 of Sebi regulation by Adani Group and whether there was any manipulation of stock prices.

The Supreme court has set up an expert panel on the issue arising out of the Hindenburg report which accused the conglomerate of accounting fraud, to be headed by retired Justice A M Sapre.

The Supreme court was hearing petitions in connection with the report including on the constitution of a committee relating to regulatory mechanisms to protect investors.

Earlier Updates: The Centre, in its note submitted in the Supreme court through solicitor general Tushar Mehta, had suggested the role of the proposed panel should be ascertaining the truthfulness of allegations against the Adani Group of entities in the Hindenburg report.

The investigation should concentrate on Hindenburg's acknowledged decmemo states that investigation should concentrate on Hindenburg's acknowledged decision to take a "short position" in the Adani group and gather information on all of its transactions and included a few names for the suggested panel.

The Hindenburg report, released on 24 January, said “brazen stock manipulation" and “accounting fraud" by the Gautam Adani-led group. The company replied to the report, rejected all its claims, and called it an attempt to malign India’s image at a global level. However, the denial could not  stop the massive stock depreciation of the Adani stocks, that led its flagship firm losing over USD 120 billion on days.

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