Adani-Hindenburg row: Center agrees to SC’s proposal to appoint committee

The Center on Monday agreed to the Supreme Court’s proposal to set up a committee to suggest how to ensure investor protection in future and asked market regulator Securities and Exchange Board of India (SEBI) to deal with the situation at the Hindenburg. Is capable – Adani case.

An apex court bench headed by Chief Justice DY Chandrachud asked the Center to apprise it about the terms of reference of the committee on Friday. The Centre, however, said it wanted to give the names of domain experts to the proposed committee and its jurisdiction in a sealed cover in the larger interest. PTI informed of.

Solicitor General Tushar Mehta, representing the Center and SEBI, told the court that the market regulator and other statutory bodies are well equipped to deal with the turmoil in the Indian group due to the short-seller Hindenburg report.

Since the release of the US short-seller report on Adani Group, its seven listed stocks have lost nearly $120 billion in market value since January 24. Hindenburg Research has accused a group led by billionaire Gautam Adani of improper use of offshore tax havens and stock manipulation.

After Adani’s shares fell in the market after the Hindenburg report, on February 10, the Supreme Court said that Indian investors needed to be protected from market volatility and asked the Center to consider chairing a panel of domain experts. Where did you go? Former judge to strengthen regulatory mechanism.

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