The Adani Group has not violated any laws, according to the Delhi Supreme Court, which established a panel of experts to investigate the claims surrounding the Hindenburg. The panel wrote in its report to the supreme court that there doesn’t seem to have been any pricing manipulation by the Adani Group yet.
“No pattern of artificial trading or wash trades among the same parties’ multiple times was found. No coherent pattern of abusive trading came to light,” the committee said in its report, according to ANI.
The Indian Supreme Court panel of domain experts said there was no price manipulation on the part of the Adani Group and the conglomerate had taken necessary steps to comfort retail investors.
The Adani Group has received the green light from a Supreme Court-appointed panel of experts looking into India’s regulatory framework as part of an investigation into the Hindenburg claims, and it appears that market regulator SEBI(The Securities and Exchange Board of India ) did not commit any regulatory failures.
The experts’ committee comprising domain experts has also said there was no price manipulation on the part of the Adani Group and that the conglomerate had taken necessary steps to comfort retail investors. The mitigation measures taken by the group helped in building confidence in the stock and the stocks are stable now, the panel said.
“At this stage, taking into account the explanations provided by SEBI, supported by empirical data, prima facie, it would not be possible for the committee to conclude that there has been a regulatory failure around the allegation of price manipulation,” the panel said in the report submitted to the Supreme Court of Delhi.
It also said there is a need for an effective enforcement policy that is “coherent and consistent” with the legislative position adopted by SEBI or Securities and Exchange Board of India.
Along with the SEBI inquiry into Hindenburg’s accusations against the Adani Group, the Supreme Court had also established a team of domain experts.
The committee did not uncover any evidence of repeated wash transactions or fake trading among the same participants. The committee reported that no organized pattern of dishonest trading had been discovered.
