oppn parties Adani-Hindenburg: Issues Remain Despite Regulatory Clean Chit

Story Of The Day

The Sensex Did Not Crash. Its Closing Auction Did Its Job Too Well.

September 02, 2026

People Are Talking About

People Are Talking About the Language of Gen Z

News Snippets

  • Calcutta HC asks why are MPs facing egg-pelting, in the mohua Moitra case, allows the MP to enter her constituency with police protection
  • Police find fingerprints and other evidence of both the two accused and the rape survivor inside the bus in the Delhi gang rape case
  • Abhishek Upadhyay, the journalist who exposed the embezzlement of Ram Mandir funds, has sought Supreme Court help as Ghaziabad Police have sought his digital footprint from X. He claimed that such information will compromise the sources who provided him the information
  • Supreme Court quashes 127 FIRs in 5 states against students who took part in CJP stir. In repsonse, CJP cancels the September 5 march from India Gate to Delhi Police headquarters
  • TCS buys Best Buy's GCC operations in India, pips Accenture to the post in a deal worth around Rs 2000cr
  • To avoid stiff tariff, Aun Pharma offers to supply cheaper drugs at Most Favoured Nation pricing to US Medicaid programme
  • 5-member NCLT bench stays Subhash Chandra's Rs 6.5cr repayment order
  • Reliance entered the icecream space by launching Bombay Creamery
  • Copyright office rejects AI system as artwork author, says Parliament needs to make the legal position clear
  • GST collection jumps 15% in August to Rs 199853cr on the back of 29% jump in tax from imports
  • Asian Games: Japan Cricket Association says participating cricketing teams can arrange their own hotels as the Games are not directly under JCA
  • T20s versus Afghanistan: Bumrah and Samson return, Hardik still unfit. Sooryavanshi keeps his place
  • Duleep Trophy: South Zome have upper hand in the other semifinal
  • Duleep Trophy: East Zone beat Central Zone by four wickets to enter the final
  • PM Modi asks youth to make social media content on drug abuse
Duleep Trophy: South Zone beat North Zone by 7 wickets to set up the final clash with East Zone ////// Air Marshall (Retd) Jeetendra Sharma appointed the first CEO of the Ram Temple at Ayodhya
oppn parties
Adani-Hindenburg: Issues Remain Despite Regulatory Clean Chit

By Our Editorial Team
First publised on 2023-05-20 14:32:04

About the Author

Sunil Garodia The India Commentary view

The expert committee appointed by the Supreme Court to examine the issue of regulatory failure by market watchdog Securities & Exchange Board of India (Sebi) following the crash in the market price of shares of the Adani group companies after a report by US short-seller Hindenburg alleged that the group had manipulated stock prices and indulged in massive accounting malpractices has submitted its report to the apex court. According to the committee, there is prima facie no evidence of any price manipulation by the Adani group and violation of norms by Sebi.

The terms of reference of the expert committee were limited to examining whether the regulatory framework was robust and had not been violated or misused in any manner which was not detected by Sebi. In that respect, the committee said it found no evidence of the same. The committee categorically stated that "taking into account the explanations provided by SEBI, supported by empirical data, prima facie, it would not be possible for the committee to conclude that there has been a regulatory failure around the allegation of price manipulation."

Although it is clear that the Hindenburg group was a big beneficiary of the price crash in the shares of Adani group companies as it, and others advised by it, had shorted Adani shares before the report was released and in that respect, it can be said to be a mischievous, biased and disruptive entity which released the report to profit from the crash, the fact remains that some of the other charges made in the report - mainly accounting malpractices and having unheard of and small chartered accountant firms (who did not have the infrastructure required to audit companies of that size and could be influenced to clear manipulated accounts)as statutory auditors, among other charges - still need to be investigated. The said charges cannot be investigated by Sebi and its report, that is due by August 14, the new deadline set by the Supreme Court, will not touch on these issues. The Supreme Court would do well to set up a panel of domain (financial) experts to investigate the other charges too.

Other Stories You Make Like

Editorials

7.8% GDP Growth Is Good News.

7.8% GDP Growth Is Good News.

 Accountability Cannot Be a Precondition to Debate

Accountability Cannot Be a Precondition to Debate

In Depth

The Taxman's Doppelganger: How India's ITR Filing Deadline Became a Phishing Season

The Taxman's Doppelganger: How India's ITR Filing Deadline Became a Phishing Season

Editor's Pick

Kangana Ranaut's War on 'Generation Gutter'

Kangana Ranaut's War on 'Generation Gutter'
© 2014 India Commentary. All rights reserved.