New Delhi: Market watchdog Securities and Exchange Board of India (SEBI) on Monday filed a 41-page affidavit in Supreme Court in relation to the Adani-Hindenburg case and sought ‘Appropriate orders’ from the apex court.

The record recommendations by the expert committee and petitioners have been placed by SEBI. The apex court is scheduled to hear the case on Tuesday.

In a report published on Monday, the expert committee said that violations of securities laws must be looked into immediately to limit the negative impact on the securities market. Earlier, the supreme court had asked SEBI to complete its probe of the Adani-Hindenburg case by August 14, 2023, and submit its report for the same.

For now, the panel recommended a robust settlement policy, said Bar and Bench, however, the panel reportedly stated, “Put in place a coherent policy on settlement of proceedings, whereby financial injury commensurate with the alleged violation may be inflicted on the party and resources need not be expended where a settlement is possible.”

Previously, SEBI requested the apex court for a period of 15 months to carry out the Adani-Hindenburg investigation and later on agreed to do it 6 months after the Supreme Court’s order.

SEBI filed a petition requesting the apex court to increase the time period of the probe. In the petition, it said, “Pass an order extending the time to conclude the investigation as directed by this Court by the common order dated March 2 by a period of 6 months or such other period as this court may deem fit and necessary in the facts and circumstances of the present case.”

(Written by – Mahek Nigam

Edited By – Prateek Gautam)