Bombay HC Clears Adani Brothers in Rs 388 Crore Stock Manipulation Case

### Swift Summary

– The Bombay High Court overturned a five-year-old ruling against Gautam and Rajesh Adani regarding an alleged stock market manipulation scam involving Rs 388 crore.
– Justice RN Ladha upheld a previous order which found no substantive issues in the discharge orders challenged by a revisional court.
– The petitions challenged the 2019 mumbai sessions court’s order against the Adani brothers.
– The Serious Fraud Inquiry Office (SFIO) had accused them of violating market regulations linked to the 1999 ketan Parekh scam.- senior counsels argued that stock market issues fall under SEBI’s purview, not SFIO’s, and highlighted concerns about selective prosecution since certain entities were not arraigned.

### Indian Opinion Analysis

The Bombay High Court’s decision to overturn previous rulings concerning Gautam and Rajesh Adani marks a critically important legal development. By affirming that matters related to stock transactions are under SEBI’s jurisdiction, this ruling underscores procedural boundaries within financial regulation in India. It also raises questions about jurisdictional overlaps between different regulatory bodies like SFIO and SEBI. Moreover, concerns over selective prosecution emphasize the need for comprehensive accountability frameworks in high-profile financial cases. This decision might catalyze discussions on regulatory clarity and enforcement rigor within India’s complex financial ecosystem.

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