Supreme Court
Supreme Court on Friday sought SEBI’s response by 13 February 2023 on petitions related to the Hindenburg report that created huge trouble in the Indian share market following the collapse of Adani Group’s shares.
Advocates Vishal Tiwari and M.L. Sharma have filed two separate petitions in connection with the Hindenburg controversy.
The top court on Friday expressed concerns about protecting Indian investors and sought the views of the Union Government and the Securities and Exchange Board of India (SEBI) on suggestions to improve the regulatory mechanism.
In the wake of the Adani-Hindenburg issue, the Supreme Court observed that there is a need for a robust regulatory framework to protect the interest of the investors and if the Centre agrees, a committee may be set up to suggest regulatory improvements.
The Supreme Court said this while hearing a plea seeking a direction to set up a committee monitored by a retired apex court judge to investigate the Hindenburg Research report, which resulted in the crashing of Adani group company share prices and caused massive losses to small investors.
A bench headed by Chief Justice D.Y. Chandrachud and comprising Justices P.S. Narasimha and J.B. Pardiwala, in its order, noted that the court has indicated to Solicitor General Tushar Mehta (representing SEBI) its concern in connection ensuring that regulatory mechanism within the country is duly strengthened so that Indian investors could be protected against sudden volatility which has been witnessed in recent weeks.
It further added that if the Centre is ready to accept the suggestion, the necessary recommendation of the committee may be made and a brief note on legal and factual matrix may be filed by the Solicitor General by Monday.
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