Supreme Court dismisses application seeking SEBI's investigation report in Hindenburg Research-Adani Group matter

The Supreme Court of India (SC) has today dismissed an application seeking the Securities and Exchange Board's investigation report into the Hindenburg Research-Adani Group matter, according to an ANI report.

The apex court dismissed an application filed by a lawyer who challenged the bench's August 5, 2024 registrar order which declined to register his previous application in the matter, it added.

The application rejected by Registrar of apex court was to direct the SEBI to submit its conclusive investigation report on the allegations made by the US-based short seller Hindenburg Research against the Adani Group, the report said.

Plea Seeks Quick SEBI Investigation

In August 2024, Hindenburg Research’s new allegations against the Madhabi Puri Buch, Chair of SEBI, triggered a fresh plea in the Supreme Court demanding a swift conclusion to the probe into the Adani Group. The petition sought to revive an earlier plea that wanted a strict timeline for an investigation by SEBI into Hindenburg’s January 2023 stock manipulation and money siphoning allegations against the Adani Group.

Advocate Vishal Tiwari, who filed the petition, referred to the Supreme Court’s 3 January order instructing SEBI to complete its probe within three months. In that same order, however, the court had declined to mandate further actions based on Hindenburg’s allegations.

Finance Ministry advertises for new SEBI Chairman

Meanwhile, the Finance Ministry has put out ads inviting applications for the post of SEBI Chairperson, putting an end to speculations about whether Buch's term would be extended. The talks began after Hindenburg Research, in its newest hit on the Adani Group, accused Buch of a “conflict of interest” while investigating the Gautam Adani-led group of companies for alleged stock manipulation.

Buch and her husband Dhaval Buch denied the accusations and rebutted the various issues raised in the Hindenburg report, but calls for her resignation continued. While she avoided being chopped early, Buch seems to have no renewal of term amid her many controversies.