India’s market regulator has asked for a six-month extension to complete its probe into possible lapses in securities market laws and regulatory disclosures by billionaire Gautam Adani's Adani group, according to a court document seen by Reuters.
The Securities and Exchange Board of India filed its request with the Supreme Court on Saturday, citing complex transactions involving the conglomerate's listed, unlisted and offshore entities that require deeper investigations.The Supreme Court asked the regulator to conduct an inquiry into Adani after U.S.
It is investigating alleged breach of related party transaction rules, public shareholding norms and share price manipulation. Related party transaction rules lay down practices to be followed when two connected parties are involved in a transaction, while public shareholding norms set out the minimum shareholding of an exchange-listed company required to be held by the public.
SEBI in its application said that further investigations are necessary in cases where preliminary findings point to violations of securities laws.The regulator said that it had received information from several Adani group entities. However, this needs to be independently verified and additional information has been sought from offshore regulators, since some of the transactions under scrutiny involve offshore entities, it said in the court document.
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