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SEBI Accused of Concealing 2014 DRI Alert Regarding Adani Group Manipulations

In the ongoing Adani-Hindenburg case, the petitioner seeking a court-monitored investigation against Adani group companies has submitted a fresh affidavit in the Supreme Court. This affidavit, filed by petitioner Anamika Jaiswal, raises concerns over the Securities and Exchange Board of India (SEBI) and its handling of the case. The petitioner alleges that SEBI has a clear conflict of interest in investigating the matter and accuses the regulator of introducing multiple amendments to protect Adani group from regulatory violations and price manipulations.

Conflict of Interest Allegation

The affidavit points out that in 2014, the Directorate of Revenue Intelligence (DRI) was investigating the overvaluation of imported equipment and machinery by Adani group entities from a UAE-based subsidiary. During this investigation, DRI sent a letter to the then SEBI chairperson, alerting them to potential stock market manipulation by Adani group companies. The DRI’s letter included evidence of siphoning off ₹22,323 crores and detailed notes on the case.

SEBI’s Suppression

The petitioner alleges that SEBI concealed this crucial information and never initiated an investigation based on the DRI’s alert. The affidavit expresses shock over SEBI’s failure to disclose the receipt of the DRI letter and related evidence to the court, raising questions about SEBI’s impartiality and transparency in handling the matter.


This development adds another layer of complexity to the Adani-Hindenburg case, as the petitioner accuses SEBI of concealing critical information and potentially favoring the Adani group. The Supreme Court will need to consider these allegations carefully while determining the course of the investigation.


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