Supreme Court in Adani-Hindenburg: Centre to Form Panel on Regulatory Mechanism
The Supreme Court was informed by the Central Government that it is ready to form an expert panel for strengthening
Supreme Court in Adani-Hindenburg: Centre to Form Panel on Regulatory Mechanism
The Supreme Court was informed by the Central Government that it is ready to form an expert panel for strengthening regulatory mechanism.
Solicitor General Tushar Mehta, appearing for Union of India informed the Apex Court that though the government is of the opinion that existing regime, regulators and agencies are fully competent to deal with such situations, it would not oppose the Supreme Court's suggestion for an expert committee to go into strengthening of the existing regime.
Previously, the Top Court had ordered the Union Government and market regulator SEBI to respond by Monday the steps needed to improve the regulatory and statutory mechanisms to "ring-fence" investors against volatility of the kind that singed Adani Group shares, triggered by short-seller Hindenburg Research. It had also asked whether an expert panel led by a retired judge could be set up for a holistic review.
Accordingly, the Central Government nodded and agreed to give names to domain experts for the proposed panel on regulatory mechanism in sealed envelope to the Supreme Court.
Meanwhile, the shares of Adani Group companies continued their downward trend on 13th February, as well following reports of a cut down in growth trajectory.
The Securities and Exchange Board of India (SEBI) has been probing the group's market collapse, including examining trade patterns and any potential irregularities in the $2.5 billion share sale of flagship company Adani Enterprises that Adani group was forced to cancel due to the stock's plunge, according to a Reuters report.