Adani-Hindenburg Row: Supreme Court’s Order for Probe by SEBI ‘Tight Slap’ on Narendra Modi Government, Says AAP

New Delhi, March 2: The Aam Aadmi Party on Thursday said the Supreme Court's order for a probe by SEBI into allegations of stock price manipulation by the Adani Group and setting up of an expert committee to look into various regulatory aspects of the stock markets is a "tight slap" on the Modi government.

"This has proved that the Modi government is corrupt and useless," AAP national spokesperson Sanjay Singh said at a press conference. Without taking names, he urged the apex court to also ensure that Adani's relative, who is a member of a committee of the Securities and Exchange Board of India (SEBI), is not made part of the stock market regulator probe team. Adani-Hindenburg Research Row: Supreme Court Sets Up Six-Member Committee on Hindenburg Research Report, Seeks Report in Two Months.

The Supreme Court on Thursday asked the SEBI to probe within two months allegations of stock price manipulation by the Adani Group and any lapses in regulatory disclosures. Adani-Hindenburg Research Row: Supreme Court to Pronounce Order on Panel of Experts Today.

The court also set up a six-member expert committee headed by former top court judge A M Sapre to look into protection of Indian investors after a damning report by a US short seller which wiped out more than USD 140 billion of the conglomerate's market value.

A bench of Chief Justice D Y Chandrachud, Justice P S Narasimha and Justice J B Pardiwala said the panel will make an overall assessment of the situation, suggest measures to make investors aware and strengthen the existing regulatory measures for the stock markets.

The bench also directed the Centre, financial statutory bodies and the SEBI chairperson to render all cooperation to the panel, which will have to submit its report within two months. Reacting to the apex court order, AAP's Singh said, "It is a tight slap on the Modi government."

"To save Adani, Modi can go to any extent," he alleged. Opposition parties have been demanding a joint parliamentary committee (JPC) probe into allegations against the Adani Group, but the Modi government categorically rejected it, Singh said.

"The apex court of the country had to finally intervene," he added. Singh reiterated AAP's demand for a JPC probe into allegations against the Adani Group. "At least now after the apex court decision in the matter, have some shame and set up a JPC probe into the matter,” the AAP leader said.

If multiple central agencies can investigate just one case, why cannot the government set up a JPC to probe the Adani matter separately, he asked. "This is the world's biggest scam. A JPC probe will bring out the truth and many more facts," Singh added.