Adani-Hindenburg: What Has SC Asked SEBI? Who Are Members of SC's Expert Panel?

The Supreme Court of India on Thursday, 2 March:Directed the Securities and Exchange Board of India (SEBI) to finish its probe and file a status report pertaining to the Adani-Hindenburg issue within two monthsSet up an expert committee, headed by retired Supreme Court Justice AM Sapre, to review the regulatory mechanism, in light of the issueA bench comprising Chief Justice of India DY Chandrachud, Justice PS Narasimha, and JB Pardiwala gave the directions.Adani-Hindenburg 'Scandal' Will Not Affect Germany's Business Interests in IndiaTaking note of SEBI’s submission that the probe into the allegations made in the Hindenburg report and into the market activity was already underway, the apex court asked SEBI to also 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 partiesIf there was any illegal manipulation of stock pricesThe tasks before the Supreme Court-appointed expert committee includes: Give an overall assessment of the situation, which includes relevant casual factors that have influenced the recent volatility in the securities marketSuggest measures to improve investor awarenessProbe whether there was a regulatory framework for dealing with alleged violations of law (with regard to the securities market)Suggest measures to fortify the statutory and regulatory frameworksJustice Abhay Manohar Sapre, a former Supreme Court judge, is slated to head the panel. Justice Sapre retired from the bench in 2019.The other members of the panel are:OP Bhatt: Independent director of the Tata Consultancy Services, Independent director on the boards of a variety of multinationals, and former chairman of State Bank of India (SBI) Justice JP Devadhar: Retired Bombay High Court judge and former presiding officer of the Securities Appellate TribunalKV Kamat: Former chief of the New Development Bank of BRICS countries, as well as former chairman of Infosys LimitedNandan Nilekani: Co-founder and chairman of Infosys Technologies Limited Somasekhar Sundaresan: An advocate specialising in commercial law. On 18 January, the Supreme Cour collegium reiterated its recommendation for his elevation as a Judge of the Bombay High Court. Read more about Sundaresan here.(With inputs from LiveLaw and Bar and Bench.)Adani Row|SC Rejects Govt's Sealed Cover Report: What Happened In Court?

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Adani-Hindenburg: What Has SC Asked SEBI? Who Are Members of SC's Expert Panel?

And what is the task before the expert committee constituted by the Supreme Court? Read key highlights here.

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