The Securities and Exchange Board of India (SEBI) has made a detailed presentation to a six-member committee set up by the Supreme Court regarding the Adani Group matter, which SEBI Chairperson Madhabi Puri Buch led.

The briefing covered disclosures on related party transactions by both listed and privately held Adani Group companies and other issues about the group, such as offshore companies, foreign portfolio investor holdings, and minimum stock market floats. Buch also briefed the panel on SEBI’s policy for regulated short-selling and policies followed in major international jurisdictions.

SEBI collected data from stock exchanges on buyers and sellers of Adani Group companies’ shares before and after the Hindenburg report to assess whether or not a cartel was behind the Adani stock price movement. In the Hindenburg report, the conglomerate was accused of “stock price manipulation” and “accounting fraud” and improperly using offshore entities in tax havens to hold shares of its companies’ stock, thereby violating SEBI’s rules on public shareholdings.

Buch has assembled a central team to probe Adani Group for any potential breaches in the securities market, as well as the market activity before and after the release of the Hindenburg Research report. Within two months, SEBI expects to complete its investigation and submit its findings to the court-appointed committee, whose purpose is to assess and suggest measures to enhance India’s investor protection regulatory framework in the aftermath of the Adani Group stock plunge.

The committee, led by former Supreme Court judge AM Sapre and comprising former bankers KV Kamath and OP Bhatt, Infosys co-founder Nandan Nilekani, securities lawyer Somasekhar Sundaresan, and retired high court judge JP Devadhar, is responsible for this task.

Despite denying the allegations, the Adani Group companies have lost $125 billion in market value since January 25. The opposition parties have been criticising and pressurising SEBI for not doing enough to protect the interests of investors.