The Supreme Court on Thursday ordered the setting up of a committee headed by former Supreme Court judge AM Sapre, including KV Kamath and Nandan Nilekani to probe the recent Adani Group shares crash triggered by the Hindenburg Research’s fraud allegations.
The SC has asked market regulator SEBI to conclude its investigation within two months. It has also asked the SEBI to investigate whether there has been a violation of Section 19 of SEBI rules, and whether there was any manipulation of stock prices.
The report has to be submitted within two months.
The SC further said that the remit of the committee will be to suggest measures to strengthen frameworks, to investigate Adani row and to suggest measures to strengthen the statutory framework.
The SC has directed SEBI to ensure that all information is provided to the committee and that the report should be submitted in a sealed cover before this court in two months.