Australia's corporate regulator has decided not to pursue allegations of fraud and stock manipulation levelled against the Adani Group.
In January, US-based short seller Hindenburg Research alleged Adani Group engaged in "a brazen stock manipulation and accounting fraud scheme over the course of decades".
Speaking at a parliamentary committee on Thursday, ASIC deputy chair Sarah Court said the regulator took a close look at the report and found that only a small portion of the allegations related to the Indian company's Australian operations.
"We have not identified at this stage any harm to investors in Australia, which is what we would be primarily concerned in," Ms Court said.
She said the regulator also reviewed Adani Group's extensive response to the allegations.
The Adani Group denies the Hindenburg allegations and said the short-seller's narrative of stock manipulation had "no basis" and was based on a poor understanding of Indian law.
The ASIC official advised the timing of the alleged activities - between 2013 and 2015 - was too late to begin civil penalty proceedings.
"Our other challenge, were we to look any further, is that given again the age of the conduct, we would have difficulty obtaining information and evidence in relation to the accounting treatment that has been alleged in that research report," Ms Court said.
She said the Australian Securities and Investments Commission had not opened a formal investigation, but would continue monitoring the impact in Australia or on Australian investors.
Adani operates the Carmichael coal mine in central Queensland under the name of its Australian subsidiary, Bravus Mining and Resources.
