The Securities and Exchange Board of India on Monday sought 15 more days from the Supreme Court to finish its investigation into the allegations of stock manipulation by the Adani Group, reported Bar and Bench.

In March, the Supreme Court had asked the market regulator to conduct an inquiry after American firm Hindenburg Research in a report on January 24 alleged that billionaire Gautam Adani’s group was pulling off the “largest con in corporate history”.

The report claimed that the conglomerate has been involved in accounting fraud, improper use of tax havens and money-laundering. The Adani Group rejected these allegations but the report had still pummeled the stocks of the conglomerate’s listed companies.

On Monday, the Securities and Exchange Board of India said that its investigation into the Adani Group’s dealings has progressed substantially and it was waiting for information from foreign agencies.

“Out of the said 24 investigations/examinations, 17 are final and complete and approved by the competent authority in accordance with SEBI’s extant practice and procedures,” it said, reported PTI.

Of the remaining matters, the market regulator said that reports of four investigations need to approved by the authorities.

“Keeping in view the ongoing work...it would be just, expedient and in the interest of justice that this court may be pleased to grant to the applicant/SEBI, an extension of time by 15 days in order to conclude the process and file status report with respect thereto, before this court,” it added.

The Supreme Court had first had asked the Securities and Exchange Board of India to submit its report on the issue by May 2. But on April 29, the regulator asked for a six-month extension, citing complex transactions involving the conglomerate’s listed, unlisted and offshore entities.

In May, the court granted the market regulator time till August 14 to complete its investigation.

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