Adani-Hindenburg case: Lack of requirement to disclose ‘last natural person above every person’ owning economic interest in FPIs is the challenge, SEBI to SC

The Securities and Exchange Board of India (SEBI) clarified in the Supreme Court on July 10 that “challenges” presented by it before the six-member Justice A.M. Sapre expert committee in the Hindenburg-Adani allegations case did not emanate from the repeal of the “opaque structure” provisions from the Foreign Portfolio Investors (FPI) Regulations in 2019.

The Supreme Court-appointed Justice Sapre committee, in a 173-page report in May, had said the market regulator had “drawn a blank” in its investigation into the Hindenburg allegations against the Adani Group. The committee had said the SEBI was in a “chicken-and-egg situation” in its investigation into the “ownership” of 13 overseas entities, including 12 FPIs.

Editorial | An unclean chit: On the SEBI investigation and Hindenburg Research’s allegations