Government Agencies and the Ministry of Corporate Affairs (MCA) will await the outcome of Sebi’s investigation into allegations related to the Adani group before deciding to take further action.

“As of now, the matter is with the Supreme Court, which has constituted an expert committee to investigate the matter. SEBI is investigating the allegations,” said a senior government official. He added that any further probe would depend on the Supreme Court’s decision and what the SEBI report came out with.

In addition, all government agencies, including those related to financial regulation and fiscal and law enforcement, have been directed to cooperate with the expert committee.

The market watchdog has until May 2 to complete its investigation and submit a report.

In March this year, the Supreme Court directed Sebi to investigate the allegations against the Adani group of companies, specifically whether the failure to disclose transactions with related parties violated minimum public shareholding norms for public limited companies and whether there was any manipulation of share prices.

The directive comes after a Hindenburg Research report accused the group of stock market manipulation and accounting fraud.