Market regulator Securities and Exchange Board of India (SEBI) in a filing to the Supreme Court on Friday said that it has completed its investigation into whether Gautam Adani-led conglomerate violated securities laws and action has been recommended in some cases for passing orders, news agency Reuters reported. According to the report, the capital market regulator has probed 24 transactions involving Adani Group's listed firms of which 22 are final in nature.


According to the news agency, the SEBI "shall take appropriate action based on outcome of the investigations." Adani Group's listed companies lost more than $100 billion in market value earlier this year after US-based Hindenburg Research raised several governance concerns. The group has denied wrongdoing.


Following this, the Supreme Court asked SEBI to look into the allegations and submit its findings to a six-member panel formed in March, which included a retired judge and veteran bankers.


The court appointed committee said in May that the regulator had so far drawn a blank in its investigations and its ongoing pursuit of the case is a "journey without a destination" but gave the regulator more time to complete its probe.


The SEBI began looking at offshore investments into Adani’s ports, power, and infrastructure empire in October 2020. The heart of the matter is whether Adani used companies registered abroad to conduct business and pump up his share prices without properly disclosing affiliations. Adani has repeatedly denied wrongdoing and said it has made all required disclosures.


Hindenburg’s broadside, more than two years later, reiterated the allegations and heaped pressure on the regulator to hasten the probe.


The regulator has previously told the Supreme Court it has continuously tightened rules concerning so-called beneficial ownership and related-party transactions, key aspects of a hearing into whether Adani Group manipulated its stock price.


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