India market regulator probe into Adani violations drew a blank: Panel report

A committee constituted by India's Supreme Court to oversee investigations into the Adani group said India's markets regulator had "drawn a blank" on alleged violations by the group's overseas entities, according to a report seen by Reuters today.

But the expert committee said that there was evidence of a build-up in short positions on Adani group stocks ahead of a report by the US based short seller Hindenburg Group, according to the report, which has not been made public.

It was not possible to conclude whether there has been regulatory failure regarding price manipulations, the committee said in the report.

The court formed the panel to examine the regulatory framework and allegations levelled against billionaire Gautam Adani's conglomerate.

In January, US-based short-seller Hindenburg Research raised several governance concerns around the Adani group, alleging improper use of tax havens and stock manipulation by the ports-to-energy conglomerate. The group has denied all the allegations.