Supreme Court adjourns hearing on Adani-Hindenburg, directs SEBI to respond

The Supreme Court on Tuesday adjourned the hearing on petitions in the Adani-Hindenburg case and directed the Securities and Exchange Board of India (SEBI) to deliver its reply on the recommendations of the apex court-appointed expert committee.
Solicitor General Tushar Mehta, appearing for SEBI, told the apex court that the market regulator had filed its reply on Monday itself on the suggestions given in the report filed by the expert committee in the court. On this, a bench of Chief Justice DY Chandrachud, Justice PS Narasimha, and Justice Manoj Mishra asked, 'What is the status of the investigation?
Mehta pointed out that the apex court had in May given Sebi time till August 14 to complete its probe into allegations of rigging of stock prices by the Adani group and the probe is still on. Regarding SEBI's reply, the court said that it has not received the same and it would be appropriate to serve them along with other papers related to the matter.
The court said it will take up the matter immediately after hearing some other petitions listed before the constitution bench is over.
SEBI has recommended to the Expert Committee that a strong and universally acceptable settlement policy should be formulated. With the help of this, it can be determined that any rule has been violated in any agreement or settlement.
Along with this, it was also instructed to take several regulatory approaches to deal with the violation of security laws. Further, the definition of a special clause has been sought to be expanded to avoid fraud and make it easier to detect.