The Supreme Court on Friday, 10 February, expressed concerns over losses running into several lakh crores suffered by Indian investors after the publication of the Hindenburg research report on the Adani group.
A Bench of Chief Justice of India DY Chandrachud and Justices PS Narasimha and JB Pardiwala asked the Securities and Exchange Board of India (SEBI) to suggest steps that can be taken to safeguard Indian investors in the future.
"It is said total loss by Indian investors is several lakh crores....How do we ensure they are protected..it is said 10 lakh crores. How do we ensure that this does not happen in future. What role should be envisaged for SEBI in future," the CJI said.
The bench directed SEBI to file a response by Monday, 13 February which outlines how a strong mechanism can be put in place.
The Bench was hearing two public interest litigation (PIL) petitions in connection with the Hindenburg research report on Adani.
One was filed by Advocate ML Sharma asking for directions to the Securities and Exchange Board of India (SEBI) and the Union Home Ministry to inquire into the case and register a FIR against founder of Hindenburg Research, Nathan Anderson, and his associates in India for its recent report on Adani Group.
The second was filed by Advocate Vishal Tiwari, who sought an inquiry into the Hindenburg report by a committee headed by a retired judge of the top court.
(With inputs from LiveLaw)