A Supreme Court-appointed expert panel which has been looking into the Adani-Hindenburg row, has said that prima facie it would not be possible to conclude that there have been regulatory lapses by SEBI in the case.
"Prima facie it would not be possible for the committee to conclude there has been a regulatory failure around the allegation of price manipulation," the report said on Friday, 19 May, according to Bar and Bench.
TLDR: In its report, Hindenburg Research had claimed that the Adani Group had ties to offshore shell companies for alleged money laundering and stock market manipulation related purposes.
When the case reached the top court, it asked SEBI to investigate:
If there has been a violation of Rule 19A (related to maintenance of minimum public shareholding) of the Securities Contract Regulation Rules
If there has been a failure to disclose transactions with related parties and other relevant information which concerns related parties
If there was any illegal manipulation of stock price
The apex court committe had then set up an expert committee, headed by retired Supreme Court Justice AM Sapre, to review the regulatory mechanism.
BUT What Else Does The Report Say? Key Points
According to The Indian Express, the panel concluded:
"No pattern of artificial trading or “wash trades” among the same parties multiple times was found"