look news india
Mumbai: It is learned that India’s capital market regulator Securities and Exchange Board of India (SEBI) has ordered an investigation into the Adani case.
Sources said that SEBI has directed the country’s stock exchanges to investigate whether Adani Group has failed to provide market related information.
Based on the reports of the exchanges, SEBI can consider further steps in this matter. Adani Green Energy Limited provided appropriate information to the US Department of Justice investigation regarding bribery allegations. SEBI has asked exchange officials to investigate whether there was any failure.
The fact-finding process is expected to take a fortnight and based on that, SEBI will decide whether to initiate a formal investigation or not.
US prosecutors, in the indictment filed on Wednesday, had accused Gautam Adani of offering bribes to government employees to win solar power contracts in India.
It is the responsibility of the stock exchanges to follow the capital market related rules framed by SEBI, especially the stock exchanges have to keep an eye on whether information and other information related to the company is provided by the listed companies or not.
SEBI, which deals with complaints on stock exchanges, had earlier also investigated Adani Group for compliance with disclosure norms.