SEBI Chairperson maintains studied silence on Adani-Hindenburg issue and NSE setback

On the issue of SAT setting aside its order on NSE, and consequently the Supreme Court directing SEBI to refund Rs 300 crore deposited by NSE as disgorgement, the Chairperson, once again, refused to comment.

The Securities and Exchange Board of India Chairperson Madhabi Puri Buch  refused to answer any comments surrounding the Adani-Hindenburg crisis stating that the matter is sub-judice and it will be highly inappropriate for the market regulator to comment on it.

"The elephant in the room is Adani, and we don't comment on sub-judice matters." During the course of the press conference, she repeatedly fended off questions on Adani-Hindenburg crisis as well as on beneficial ownwership of FPIs.

Chairperson Buch also mentioned that the market regulator will submit all its findings to the probe panel set up by the Supreme Court, and specified that the regulator was not mandated to make any public declarations or share matters publicly.

Earlier in March, the Supreme Court had  set up an expert committee comprising six members. The mandate of the committee is “to investigate if there was a regulatory failure in dealing with the alleged contravention of laws pertaining to the securities market in relation to the Adani Group or other companies”. The committee has been directed to submit a report in a sealed cover in two months. The committee, in turn, has directed the market regulator to share requisite information.

On the issue of SAT setting aside its order on NSE, and consequently the Supreme Court directing SEBI to refund Rs 300 crore deposited by NSE as disgorgement, the Chairperson, once again, refused to comment on the ground that the regulator does not comment on any, "entity-specific issue"