4th January 2024 (8 Topics)
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An elusive closure
Context:
SC expresses faith in SEBI’s investigation in Adani matter.
Supreme Court's Verdict
- Allegations Refuted: The Supreme Court rejects CBI or SIT probe, expressing confidence in SEBI's ongoing investigation into the Adani-Hindenburg controversy.
- SEBI's Conduct Trustworthy: The Court lauds SEBI, stating its conduct "inspires confidence," and perceives no apparent regulatory failure in the current investigation.
- Government's Directive: The Court directs the Centre to investigate if short sellers violated laws causing investor losses, shifting focus to market practices like short selling.
Unanswered Questions and Ongoing SEBI Investigations
- Pending Issues: Not all aspects, such as related party transactions and market manipulation, are fully addressed in SEBI's year-long investigation into Adani Group.
- Doubts about Market Practices: Global market practices like short selling face scrutiny; the Court considers regulatory measures as potential solutions, raising concerns.
- Ownership Complexity: Ongoing SEBI probes face challenges in determining the actual ownership of foreign portfolio investors (FPIs) due to entities in tax havens.
Need for Prudent Allocation of Resources
- Resource Allocation: The Supreme Court's decision lacks a large-scale probe, prompting the need for SEBI to receive additional resources and expertise.
- Time-Bound Probe: Emphasizes the importance of a time-bound and conclusive SEBI investigation to dispel market concerns and restore confidence.
- Call for Action: Urges SEBI to bring ongoing investigations to fruition, addressing market volatility concerns and ensuring a thorough examination of the Hindenburg allegations.
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