One of the petitioners in Adani-Hindenburg matter has filed an affidavit before the Supreme Court claiming that the Securities Exchange Board of India (SEBI) brought a series of amendments only to benefit the Adani Group and the market .
In what has come as a relief to foreign portfolio investors (FPIs), the capital market regulator has simplified the rule for identifying senior management officials (SMOs) in these offshore funds.
The urgency to name a key official in an FPI is felt as it is often not possible to know who calls the shots in a fund which is often structured in multiple layers, with each vehicle in separate jurisdictions. Under the circumstances, the regulator had earlier said that the key official in the apex vehicle, which is at the top of the FPI chain, would be considered as the SMO.
Securities Exchange Board of India (SEBI) is expected to finish its arguments on September 13 while Goenka s lawyers are expected to give a rejoinder to SEBI s arguments on September 14.