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On January 3, 2024, India’s Supreme Court refused to transfer the Adani-Hindenburg investigation from the Securities and Exchange Board of India (SEBI) to a Special Investigation Team (SIT) or the Central Bureau of Investigation (CBI). The Court directed SEBI to complete its investigation under law and separately ordered agencies to examine whether short positions connected to investor losses involved any legal infraction. The ruling did not decide that every allegation was true or false.
What did the Supreme Court decide?
In Vishal Tiwari v. Union of India, the Court concluded that “the facts of this case do not warrant a transfer of investigation.” It left the investigation with SEBI and told the regulator to take it to a logical conclusion in accordance with law. Read the Supreme Court judgment of January 3, 2024.
The judgment addressed the requested investigative arrangement on the record before the Court. It did not amount to a blanket finding that the Adani group or any other named party had been cleared of every allegation.
Why did petitioners ask for an SIT or CBI investigation?
Hindenburg Research published its report on January 24, 2023. After Adani group companies’ share prices fell, petitioners filed writ petitions in February raising concerns about investor wealth and market volatility. They alleged, among other things, improper use of offshore entities, breaches of public-shareholding rules, inadequate related-party disclosures and stock-price manipulation. Those were allegations in the litigation, not findings established by the Court.
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On March 2, 2023, the Supreme Court directed SEBI to investigate specified issues, including minimum public-shareholding requirements, related-party transactions and disclosures, and possible stock-price manipulation contrary to law. It also established an expert committee chaired by former Supreme Court judge Justice Abhay Manohar Sapre. The committee was tasked with assessing market volatility, considering whether there had been regulatory failure, and recommending stronger investor awareness and regulatory protections. It worked alongside SEBI; it did not replace the regulator or take over its statutory responsibilities.
By January 2024, petitioners sought an SIT to oversee SEBI’s work and court monitoring of the investigation. They also asked for changes to certain foreign portfolio investment and listing-disclosure regulations. The Court declined those requests, finding that the materials cited by petitioners—including third-party reports and newspaper articles—did not provide a basis to doubt SEBI’s investigation or justify transferring it. This was an assessment of the evidence and arguments in those petitions, not a ruling that outside reporting can never have evidentiary value.
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What did the Court order about short selling?
The Court directed SEBI and Union government investigative agencies to examine whether investor losses connected to short positions taken by Hindenburg Research or other entities involved a legal infraction, and to take suitable action if they found one. This was an instruction to investigate a possibility, not a finding that short selling was unlawful or that a violation had occurred.
Did the Supreme Court give Adani a clean chit?
No. Refusing to transfer the investigation answered who should conduct it; it did not adjudicate every underlying allegation as proven or disproven. The Court said a transfer would require grounds such as “glaring, wilful or deliberate inaction” by the competent authority and concluded that the record before it did not warrant a transfer.
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What was the difference between the remedies requested and the Court’s decision?
| Issue | What petitioners sought | What the Court decided |
|---|---|---|
| Investigating authority | Transfer to an SIT or CBI | SEBI remained responsible for completing its investigation |
| Court supervision | Court-monitored investigation | No such monitoring arrangement was ordered |
| Regulatory rules | Changes to certain foreign portfolio investment and listing-disclosure regulations | The requested regulatory intervention was declined |
| Short-selling concerns | Action concerning alleged conduct linked to investor losses | Agencies were directed to examine whether any legal infraction occurred and act suitably if so |
Was the SEBI probe completed?
The Supreme Court ordered SEBI to take its investigation to a legal conclusion, but the available procedural updates do not establish one consolidated outcome for every investigation connected to the Hindenburg allegations as of October 7, 2026.
On July 16, 2024, Akashvani News reported that the Supreme Court dismissed a review petition challenging the January ruling, finding “no error apparent on the face of the record.” The report also summarized the Court’s view that third-party reports and newspaper articles were not conclusive proof to doubt SEBI’s investigation. Akashvani News report on the review petition.
A September 2025 SEBI final order concerning Adicorp Enterprises Private Limited states that the investigation in that specific matter had been completed and refers to a show-cause notice issued on January 15, 2024. That order documents one Adicorp-related proceeding; it does not establish the outcome of all investigations arising from the Hindenburg allegations. SEBI’s September 2025 Adicorp Enterprises order.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What this means for investors
The ruling kept the investigation with SEBI and required agencies to examine the separate short-selling question. It did not itself establish wrongdoing or clear every party of the allegations. For investors, the key distinction is between a court’s decision about who should investigate and a final finding on the conduct under investigation: the January 2024 judgment addressed the former, while SEBI and the relevant agencies were responsible for the legal process that followed.
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