Adani Group probe over MPS norms on since Oct 2020: SEBI to SC

Sebi, investigating the Hindenburg report’s accusation that the Adani Group allegedly manipulated share prices by exploiting loopholes in the ‘minimum public shareholding’ (MPS) norms, has informed the Supreme Court that it has been probing this issue since October 2020 but clarified that its 2016 probe into issuance of global depository receipts (GDRs) by 51 Indian listed companies was unconnected to the Adani Group companies.

In a supplementary affidavit filed, market regulator Sebi said, “In the context of investigation into MPS norms, Sebi has already approached 11 overseas regulators under the multilateral memorandum of understanding (MMoU) with the International Organization of Securities Commissions (IOSCO). Various requests for information were made to these regulators. The first request to overseas regulators was made on October 6, 2020.”