The Securities and Exchange Board of India (SEBI) on Monday (May 15) informed the Supreme Court that any inaccurate or hasty conclusion drawn from its inquiry into potential regulatory disclosure violations by the Adani group would be morally repugnant and unjust.

In contrast to the two months it was allotted on March 2, SEBI requested six months to finish its investigation on April 29. The Supreme Court did, however, indicate on Friday that it was leaning towards granting a three-month extension.

The investigation comes after U.S.-based short-seller Hindenburg Research in January expressed multiple governance issues around billionaire Gautam Adani's group and accused the ports-to-energy conglomerate of improperly using tax havens and stock manipulation. All of the claims have been refuted by the group.

In a court filing on Monday, the SEBI stated that the group's activities that Hindenburg claimed broke Indian law are extremely complicated and have multiple sub-transactions in several countries.

The agency asserted that it has already contacted 11 foreign regulators for information in order to determine whether the Adani group has broken any rules pertaining to its publicly traded shares.

The first such request, the market regulator said, was made as early as October 6, 2020.

Before definitive conclusions could be reached, the regulator stated that " analysis would have to be conducted on the documents received from various sources."

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