The bribery case filed by the USA against Adani reached the Supreme Court, and Sebi is in the dock.

A fresh application was filed in the Supreme Court on Sunday, calling for the charges to be registered. Bribery and fraud case filed against billionaire Gautam Adani and seven of his associates were arrested by US authorities.

The petition alleges shortcomings in the Securities and Exchange Board of India’s (Sebi) investigation into Hindenburg Research’s allegations against Adani Group, raising concerns about the market regulator’s credibility.

“Despite the deadline given by the Supreme Court in its decision dated January 3, 2024, Sebi has not submitted any report or results regarding the investigations so far. “In the current scenario, failure to record the investigation report reduces confidence in the regulatory authority Sebi,” it states.

This comes as Sebi recently launched an investigation into US allegations that Adani Green Energy, a subsidiary of Adani Group, failed to disclose an investigation into the alleged bribery scheme. The market watchdog is reportedly awaiting detailed reports from Indian stock exchanges before deciding on a formal investigation.

62-year-old Adani and seven executives of the conglomerate that rose to power from expanding ports, including his nephew Sagar AdaniHe was indicted in a New York court this week on charges of participating in a $265 million bribery scheme. Prosecutors allege the bribes were paid to secure lucrative solar contracts in India that were expected to generate $2 billion in profits over 20 years.

Separately, the US Securities and Exchange Commission (SEC) filed separate charges against Adani Group and Azure Power Global executive Cyril Cabanes, accusing them of making false statements to secure $2 billion in loans and bonds.

Adani Group has denied all the allegations, calling them “baseless”.

The charges have intensified scrutiny on Adani Group, which has previously faced allegations of improper use of offshore tax havens by US-based short seller Hindenburg Research.

In August 2024, Hindenburg, citing whistleblower documents, accused Sebi chairman Madhabi Puri Buch of having links to offshore funds also used by the conglomerate. Short seller claims Buch had conflict of interest Due to previous investments in the Adani issue.

Buch and Sebi rejected these allegations, stating that the allegations were baseless and that the regulator was properly investigating the allegations against Adani Group.