Pronouncing the conclusions of the judgment, the CJI said the power of this court to enter the regulatory framework of Sebi is limited.
New Delhi: The Supreme Court on Wednesday rejected a plea to transfer ongoing probe by the Securities Exchange Board of India (Sebi) into Adani Hindenburg controversy to an SIT, finding no basis for it.
A bench of Chief Justice of India D Y Chandrachud and Justices J B Pardiwala and Manoj Misra told the Sebi to complete its probe within three months.
The court also rejected a charge of conflict of interest against experts committee members as ‘unsubstantiated’.
It also told the Union government and Sebi to consider the experts committee to strengthen regulatory framework. Sebi should probe if Hindenburg report resulted in market downfall and take appropriate action if any infraction of law is found, it ordered.
