India’s Sebi may ask court for more time on Adani probe

Mumbai: India’s capital markets regulator may ask the country’s top court to give it more time to finish its investigation into short-seller Hindenburg Research’s allegations against billionaire Gautam Adani’s conglomerate, the Business Standard reported, citing people it didn’t name.

The Securities and Exchange Board of India was to file a status report to the Supreme Court May 2, according to the report. The regulator didn’t reply to a request for comment, it said.

New York-based Hindenburg in January accused the Indian conglomerate Adani Group of using a web of companies in tax havens to inflate revenue and stock prices, even as debt piled up. The group has repeatedly denied allegations.