Active Stocks
Fri Apr 12 2024 15:57:45
  1. Tata Steel share price
  2. 163.50 -1.00%
  1. NTPC share price
  2. 362.00 -0.32%
  1. ITC share price
  2. 430.10 -1.56%
  1. HDFC Bank share price
  2. 1,518.90 -1.10%
  1. State Bank Of India share price
  2. 766.75 -1.57%
Business News/ Markets / Stock Markets/  SEBI to update Finance Minister NIrmala Sitharaman on Adani Group probe this week: Report
BackBack

SEBI to update Finance Minister NIrmala Sitharaman on Adani Group probe this week: Report

SEBI's board will brief the finance minister on surveillance measures taken by the regulator during the recent rout in Adani group stocks

The logo of the Adani Group is seen on one of its buildings in Ahmedabad, India (REUTERS)Premium
The logo of the Adani Group is seen on one of its buildings in Ahmedabad, India (REUTERS)

India's market regulator will provide an update on its investigations into the Adani Group's withdrawn follow-on public issue this week, two sources familiar with the matter said on Monday.

The board of the Securities and Exchange Board of India (SEBI) is scheduled to meet Finance Minister Nirmala Sitharaman on Feb. 15, the sources said, speaking on condition of anonymity as they are not allowed to speak to the media.

SEBI's board will brief the finance minister on surveillance measures taken by the regulator during the recent rout in Adani group stocks, the sources said.

The Indian conglomerate's listed entities have lost more than $100 billion in market value since a scathing report by a U.S. short seller in late January. The rout also led the group's flagship Adani Enterprises Ltd to pull its share sale.

An update on investigations into offshore fund flows into Adani Group entities is also likely, the sources added.

SEBI did not respond immediately to a Reuters email for comment.

Reuters had first reported that the market regulator is conducting a full-scale examination of the group's stock market rout, including examining trade patterns, irregularities in the aborted share sale and the conglomerate's offshore funds.

The regulator had undertaken a series of surveillance actions to ensure that the volatility in the Adani group companies' share prices was contained.

This will be a part of the brief to the finance minister on Wednesday, the sources said.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 13 Feb 2023, 10:15 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App