SEBI to update FM Sitharaman on Adani probe this week: Report - Hindustan Times
close_game
close_game

SEBI to update FM Sitharaman on Adani probe this week: Report

Reuters | | Posted by Aryan Prakash
Feb 13, 2023 10:29 AM IST

The SEBI board will brief the minister on surveillance measures taken by the regulator during the recent rout in Adani group stocks, the sources added.

India's market regulator will update the finance ministry this week on its investigation into the Adani Group's withdrawn $2.5 billion follow-on public issue, two sources familiar with the matter said on Monday.

Union Finance Minister Nirmala Sitharaman. (ANI)
Union Finance Minister Nirmala Sitharaman. (ANI)

The board of the Securities and Exchange Board of India (SEBI) is scheduled to meet Finance Minister Nirmala Sitharaman on Feb. 15, the sources said, speaking on condition of anonymity as they are not allowed to speak to the media.

Hindustan Times - your fastest source for breaking news! Read now.

The SEBI board will brief the minister on surveillance measures taken by the regulator during the recent rout in Adani group stocks, the sources added.

ALSO READ: ‘….What I will tell the court’: Sitharaman on SC comment over Adani row

The Indian conglomerate's listed entities have lost more than $100 billion in market value since a scathing report by a U.S. short seller in late January. The rout also led the group's flagship Adani Enterprises Ltd to pull its share sale.

An update on investigations into offshore fund flows into Adani Group entities is also likely, the sources added.

SEBI did not respond immediately to a Reuters email for comment.

Reuters had first reported that the market regulator is conducting a full-scale examination of the group's stock market rout, including examining trade patterns, irregularities in the aborted share sale and the conglomerate's offshore funds.

ALSO READ: Regulators are on their toes: FM on Adani issue

The regulator had undertaken a series of surveillance actions to ensure that the volatility in the Adani group companies' share prices was contained.

This will be a part of the brief to the finance minister on Wednesday, the sources said.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Thursday, March 28, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On