The Supreme court's expert panel on the Adani-Hindenburg case has said that it is not possible to conclude if there has been a regulatory failure on the part of capital markets regulator SEBI.
The panel also said that as per the data, retail investor investor into the group increased after January 24, 2023, when the report came out. The panel concluded that the Indian market as a whole was not 'unduly volatile'
"While they may not have returned to the pre-January 24 levels, they are stable at the newly re-priced level", said the report. The report also concluded that Indian stock market was not volatile during the period as the retail investors' exposure to Adani stocks increased after 24th January 2023.
The panel also stressed that SEBI has to complete its investigations in a time-bound manner. It also noted that it possibly could not conclude if there has been a regulatory failure on SEBI's part in the context of the regulations that were prevailing when those transactions happened.
The panel in its report also noted that, SEBI has identified 13 specific transactions in which it is investigating if they were fraudulent in nature.
The Supreme Court on Wednesday had granted SEBI time till 14th August to complete its probe on the stock manipulation allegations against the Adani group.