The government has not set up any committee to probe allegations a US short seller labelled against the Adani Group, but stock market regulator SEBI is investigating market allegations against the group, the Lok Sabha was informed on Monday.
A separate investigation into imports of Indonesian coal by the conglomerate hasn’t reached finality, Minister of State for Finance Pankaj Chaudhary said.
Lok Sabha saw several questions being put by MPs to the government on the Adani issue, which were replied through written responses by the minister.
To a question asking if the government had constituted any committee to investigate allegations made against the Adani group by Hindenburg Research, he said, “No”.
In the January 24 report, US short seller Hindenburg Research alleged that the Adani group was “engaged in a brazen stock manipulation and accounting fraud”, and used offshore shell companies to inflate stock prices.
The group has denied all Hindenburg allegations, calling them “malicious”, “baseless” and a “calculated attack on India”.
To a separate question, Chaudhary said the nine listed companies forming part of Adani group saw a 60 per cent decline in market capitalisation from January 24, 2023 till March 1 subsequent to the publication of the Hindenburg report.
On the allegations, he said the Securities and Exchange Board of India (SEBI), as the statutory regulator of securities markets, is mandated to put in place regulatory frameworks for effecting stable operations and development of the securities markets including protection of investors.