A Supreme Court-appointed expert committee had stated that it saw “no evident pattern of manipulation” in Gautam Adani’s companies . It, however, cited several amendments Sebi made between 2014 and 2019 that constrained regulators’ ability to investigate, and its probe into alleged violation in money flows from offshore entities has “drawn a blank”.
Without making any mention of the status report of its own investigation into allegations against Adani Group, Sebi in its latest affidavit to the Supreme Court said it did not agree with the expert committee observation of difficulties in identifying holders of economic interest behind an offshore fund. It also differed with the panel observation that stocks will re-price if the markets feel actions taken in the past by the company were not desirable, saying even if the market may reprice the stocks of the company based on the past transactions, “there is no bar on Sebi to examine any securities laws violations because re-pricing of the stock has happened”
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