Today, SEBI requested the Supreme Court for a 15-day extension to conclude its investigation and provide a report in the Hindenburg case. SEBI informed the Supreme Court that the investigation is in an advanced stage but requires an additional 15 days to complete.

Earlier, on March 2, the Supreme Court directed SEBI to conduct an investigation within two months into any violations related to the Hindenburg report on the Adani Group, both before and after its publication. However, on April 29, just three days before SEBI's original deadline, the regulatory body asked for a six-month extension, citing the complexities of dealing with cross-border jurisdictions that required more time for processing.

In response to this, Chief Justice of India DY Chandrachud granted SEBI three months, instead of the requested six, to submit a status report on the progress of its investigation.

During the previous hearing, Chief Justice DY Chandrachud stated that the report from a panel of domain experts appointed by the Supreme Court to assess India's regulatory framework for investor protection had already been submitted. He mentioned that this expert group's report would continue to assist the court, and its contents would be shared with the relevant parties involved in the case, along with their legal representatives.

The panel of experts appointed by the Supreme Court to evaluate India's investor protection regulatory mechanism includes retired Supreme Court judge Justice AM Sapre, retired Bombay High Court judge Justice JP Devadhar, former State Bank of India Chairman OP Bhatt, former ICICI Bank chief KV Kamath, Infosys co-founder Nandan Nilekani, and securities and regulatory expert Somasekhar Sundaresan.

The committee's report, submitted to the Supreme Court in May, concluded that there was no evidence of price manipulation on the part of the Adani Group. The report also acknowledged that the Adani Group had taken necessary actions to reassure retail investors. These steps contributed to stabilizing the stock and boosting confidence. The committee further noted that foreign portfolio investors (FPIs) investing in Adani Group stocks were compliant with SEBI's regulations.

The Adani Group has denied all the allegations made by Hindenburg and called them a "calculated attack" on India, its institutions and growth story.