New Delhi: After the report of American short seller firm Hindenburg came out, the expert panel constituted by the Supreme Court to investigate against the Adani Group has said that prima facie no regulatory lapse has been found regarding the manipulation of prices. The SC committee has said that it is not possible to conclude any violation of rules at this stage. 

Supreme Court appointed expert committee into the Adani -Hindenburg report informs SC that at this stage, taking into account the explanations provided by SEBI, supported by empirical data, prima facie, it would not be possible for the Committee to conclude that there has been a… pic.twitter.com/UGLtbpXmAE

— ANI (@ANI) May 19, 2023

According to media reports, the court-constituted committee has told in its report that the market regulator SEBI (SEBI) has not found anything in its investigation of Adani Group entities. The expert panel said it found evidence of short positions in Adani Group shares prior to a Hindenburg report. From this, it is not possible to conclude whether there has been regulatory failure regarding price gouging or not. The panel's report also reveals that empirical data suggests that investment by retail investors in Adani's listed shares has increased after January 24, 2023. It was the day Hindenburg released his report on the Adani Group.

The panel's report states that it is difficult to conclude that there is a regulatory failure on the part of the legislature, but there is a need for an effective enforcement policy. Therefore, the Supreme Court advises that the enforcement policy should be in consonance with the legislative policy adopted by SEBI. The report of the expert committee stated that the committee did not find any pattern of multiple tradings between the same parties. According to the report, 'In the one patch where the price increased, scrutiny revealed that the net sellers were foreign portfolio investors (FPIs). An investment unit bought more securities than it had bought in one patch. So, there was no consistent pattern to it.'

RBI approves Rs.87,416 cr dividend to Govt for 2022-23

Rahul Gandhi will deliver a speech at Stanford University

Kashmir G20 Meet: Countdown Begins, Expectations Rise