Supreme Court panel claims that SEBI suspects 13 foreign funds linked with Adani Group.
An Indian Supreme Court-appointed panel has published a report stating that the Securities and Exchange Board of India (SEBI) suspects that 13 foreign funds may have played a role in the rise of Adani Group’s securities. The panel was established to assess if the market regulator played its part in protecting small investors in Adani Group stocks. The report follows an investigation initiated by SEBI in June, which found that Adani International Funds appeared to have breached foreign portfolio investment regulations. The Adani Group has dismissed all allegations against the company as unfounded and baseless. The SEBI investigation on the Adani Group's shareholding has been ongoing since October 2020, according to the Supreme Court panel's latest report. However, there is currently no definitive evidence either in favor or against the Adani Group, as revealed in the report.