Adani Group faced accusations of stock price manipulation and rule violations by a US short seller in January. Supreme Court ordered separate probes by Securities and Exchange Board of India (SEBI) and an expert committee to assess regulatory performance.

A expert committee investigated Hindenburg Research's claims against the Adani Group and found no evidence of regulatory failure by SEBI. The committee, led by Justice Abhay Manohar Sapre, also confirmed that foreign portfolio investors complied with the SEBI and anti-money laundering regulations.

The committee addressed the allegations of stock manipulation and stated that the SEBI provided an explanation of its approach to handling automated alerts generated by the trading system. SEBI clarified how these alerts are analyzed and investigated to identify potential market abuse, price manipulation, or volume manipulation.

Regarding transactions involving related parties, the committee noted that SEBI had identified 13 specific transactions under investigation. These transactions were being examined regardless of whether they were legally classified as "related party transactions." The focus of the investigation was on determining if any fraudulent activities were involved in these transactions.

According to the report, SEBI has stated that the events associated with Adani Group companies did not have a significant impact at a systemic level. Despite the noticeable decline in share prices due to selling pressure, which garnered considerable media attention, the markets remained stable and resilient, as mentioned in the report.