Securities and Exchange Board of India (SEBI) has completed all 24 investigations in the Adani-Hindenburg case and is expected to submit its final report soon.

Previously, the market regulator had informed the Supreme Court that it had successfully completed 22 of the 24 investigations. One of two remaining investigations related to trading before and after the Hindenburg Report was to determine whether short positions by certain entities were unusual at the time the report was issued. In this regard, SEBI has issued a show cause notice to Hindenburg Research.

SEBI’s investigation found that the short seller’s disclaimer that he held positions in Adani Group shares “only through non-Indian traded securities was misleading to the extent that it concealed the full extent of its financial interests in the companies which were the subject of its research report because Hindenburg directly benefits from the profits arising from the positions taken by the REIT in the future of AEL on the Indian stock exchange. Hindenburg dismissed SEBI’s findings as “absurd”.

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The second ongoing investigation related to an allegation of violation of minimum public shareholding by listed Adani group companies. SEBI investigated six listed entities of the Adani Group and found that four companies, including Adani Power and Adani Energy, had violated public shareholding norms by categorizing some of the shares held by the promoter as public. The Adani group companies have denied the findings of the SEBI investigations as per the disclosures made by the companies to the stock exchanges.

Although the market regulator is yet to issue its final order on the matter, it remains to be determined whether or not there was any violation in the 24 investigations related to the allegations made in the Hindenburg report.

Market experts said SEBI should release its findings soon after completing the due process of hearing all parties. “It feels like SEBI is not doing enough in the Adani case. We now have a new set of allegations from US investigative agencies that also need to be investigated,” a voting consultancy said.