New Delhi:
The Supreme Court today ordered the creation of a six-member commission headed by former Supreme Court Justice AM Sapre to investigate several stock market regulatory issues, including the recent Adani Group stock crash triggered by Hindenburg fraud allegations Research.
A bench of Chief Justice DY Chandrachud and Justices PS Narasimha and JB Pardiwala said the panel will make an overall assessment of the situation and propose measures to raise investor awareness and strengthen existing stock market regulatory measures.
The bench has also instructed the centre, financial statutory bodies and the chairman of the SEBI to fully cooperate with the panel, which is due to report within two months.
Former judges OP Bhat and JP Devdatt are also part of the commission of inquiry.
The court also named Nandan Nilekani, KV Kamath and Somasekharan Sundaresan as three other members of the committee.
While retaining its injunction, the Supreme Court had refused on February 17 in a sealed envelope to accept the Center’s suggestion about a proposed panel of experts.
So far, four PILs have been filed in the top court on this issue by lawyers ML Sharma, Vishal Tiwari, Congress leader Jaya Thakur and Mukesh Kumar, who claims to be a social activist.
Shares of the Adani Group have taken a beating on the stock markets after the Hindenburg Research issued a litany of allegations, including fraudulent transactions and stock price manipulation, against the business conglomerate. The Adani Group has dismissed the allegations as lies and says it complies with all laws and disclosure requirements.
(Except for the headline, this story has not been edited by DailyExpertNews staff and is being published from a syndicated feed.)
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