SC seeks Sebi’s response on petitions related to Hindenburg report on Adani Group by February 13

NEW DELHI: The Supreme Court on Friday sought answers from the Securities and Exchange Commission of India (Sebi) on 2 PILs accusing the market regulator of inaction in regulating the equity market. vote before Hindenburg’s report led to the downfall of Adani’s group company stock price and big loss for small investors.
It has set February 13 as the date to hear Sebi’s reply.
The Supreme Court has ordered Sebi to disclose how to ensure the protection of investors in the future, as shares of Adani Group companies continue to fall in price following a company report. Short-seller Hindenburg Research of the United States alleges securities manipulation and fraud.
SC asked Sebi about the existing legal framework structure and how to strengthen it.
SC has asked general counsel Tushar Mehta, who represents Sebi, to consult with the Ministry of Finance and inform the court of the robust mechanism the Center is contemplating to prevent bloodbath. The same for future inventories occurs after Hindenburg’s report on the Adani group company.
Meanwhile, in the latest move, credit rating agency Moody’s has downgraded the rating outlook for some companies of the Adani Group, while MSCI said it will cut the weight of some companies. ty in your index.
The group, which denies any wrongdoing, has since been plunged by a stock drop that wiped out about $110 billion of the value of its seven main listed companies.


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