In an attempt to save Indian investors, the Supreme Court in India on Friday sought the existing regulatory framework in place from the Securities and Exchange Board of India (SEBI) and also the government. The Adani Group shares are in a complete meltdown after the US-based short-seller firm Hindenburg Research published a report.
The shares are mostly owned by the middle class, who are reported to have lost several lakhs of crores in the past two weeks.
Chief Justice DY Chandrachud said: “Now the stock market is not a place where only high-value investors invest. It is also a place where … investment is made by a wide spectrum of the middle class.”
Chandrachud further said that the “point of concern here is how (to) … protect the interest of investors”.
After the Hindenburg Research was released last month, several petitions were filed in the Indian court. The report had accused the Adani group of improper use of offshore tax havens and stock manipulation.
Meanwhile, SBICAP Trustee Co said that three Adani group companies have pledged shares for lenders to the Indian conglomerate’s flagship Adani Enterprises.
Adani Ports and Special Economic Zone, Adani Transmission Ltd and Adani Green Energy Ltd pledged shares to the trustee firm, filings to the Bombay Stock Exchange revealed.
(With inputs from agencies)
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