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Regstreet views on Supreme Court of India’s verdict in Adani Group – Hindenburg Research Matter

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The Supreme Court of India recently issued a landmark judgement in the Adani GroupHindenburg Research matter. In this background, the views of Mr. Sumit Agrawal, Managing Partner, Regstreet Law Advisors and former SEBI officer, have been covered by various media outlets. A few of them are as below:

1. The Economic Times Markets while capturing his views stated that Adani Group is clear so far. The court has also restored SEBI‘s credibility, and the ball is now in the regulator’s court. The court has completely rejected the report by the OCCRP. Any third-party report without verification is rejected with a caveat that if only verifiable documents are provided then only it can be relied upon.

2. The Republic World captured his views opining that the SC ruling signifies a substantial validation not just for the Adani Group but also for the capital market regulator SEBI. The judgment emphasizes the continued jurisdiction of SEBI, rejecting any transfer of the investigation to SIT and discrediting reliance on the OCCRP report without proper verification. It dismisses claims of conflict of interest within the Expert Committee and questions the credibility of relying on external sources like newspaper reports to challenge the statutory regulator. Allegations against Expert Committee members are deemed unsubstantiated, and relying on the DRI letter is considered misconceived, he said. Moreover, the court finds no valid grounds to direct SEBI to revoke its amendments on FPI and LODR regulations, asserting their robustness. Importantly, the judgment underscores a broader message—acknowledging the Supreme Court’s call for action against the publishers of the Hindenburg Report or short sellers, should they be found violative…

3. In the Hindu businessline Mr. Sumit Agrawal opined that, Although the initial turbulence appears to have subsided, SEBI now faces a renewed set of challenges following the SC judgment. The SC directive may necessitate a thorough evaluation of the existing regulations and powers of SEBI. The government must determine whether the current framework of SEBI is sufficient for effectively addressing short sellers based overseas.

The full views of Mr. Sumit Agrawal along with the articles can be accessed at the below links:

The Economic Times:

The Republic World:

The Hindu businessline:

Readers are welcome to send their views to Regstreet Law Advisors at info@regstreetlaw.com.


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