SEBI Can Deal With Hindenburg Report Fall Out: Centre to SC, Okays Probe Panel

The SG asked the court to allow them to suggest the remit of the committee, as well as the names of panel members.

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Solicitor General of India Tushar Mehta, on Monday, 13 February, reportedly told the Supreme Court that the Securities and Exchange Board of India (SEBI) is equipped to handle the fallout of the Hindenburg Research report on the Adani Group of companies.

He also said that the Union Government is willing to constitute a committee to determine whether a modification was required in the regulatory framework to protect Indian investors.

This comes is the aftermath of the Adani-Hindenburg row.

What Else Did the Centre Say?

The SG did add, however, that “the remit of the committee would be very relevant because any unintentional message to international investors or domestic investors that the regulatory authorities need a monitoring by the committee may have some adverse impact on the flow of money.”

Thus, the SG asked the court to allow them to suggest the remit of the committee, as well as the names of the committee members.

“We can provide names in a sealed cover because it may not be appropriate to discuss in open court hearing. They are people of some calibre.”

Solicitor General of India Tushar Mehta, according to LiveLaw

More Details:

The matter was being heard by a bench of Chief Justice of India (CJI) DY Chandrachud, Justice PS Narasimha, and Justice JB Pardiwala. The petitioners have sought a probe into the Hindenburg report.

What Did the Court Say?

Chief Justice of India (CJI) DY Chandrachud asked the SG to give a note on the proposed remit by Wednesday. The matter is slated to be heard next on Friday.

(With inputs of Bar and Bench and LiveLaw.)