MUMBAI, NEW DELHI, April 29 (Reuters) – India’s market regulator has requested for a six-month extension to finish its probe into potential lapses in securities market legal guidelines and regulatory disclosures by billionaire Gautam Adani’s Adani group, based on a courtroom doc seen by Reuters.

The Securities and Exchange Board of India (SEBI) filed its request with the Supreme Court on Saturday, citing complicated transactions involving the conglomerate’s listed, unlisted and offshore entities that require deeper investigations.

Adani mentioned in an announcement that the group was absolutely compliant with all legal guidelines, guidelines and laws.

“We are fully cooperating with SEBI and will continue to provide all our support and cooperation,” it added.

SEBI didn’t reply to a Reuters request for remark.

The Supreme Court requested the regulator to conduct an inquiry into Adani after U.S.-based short-seller Hindenburg Research raised concerns round its governance practices in a January report.

The group, whose foremost enterprise is infrastructure, has mentioned Hindenburg’s report was baseless and referred to as its allegations “unsubstantiated speculations.”

The courtroom had given the regulator till May 2 to submit its report.

In its utility, the regulator mentioned it wanted extra time “to conduct a proper investigation and arrive at verified findings”.

It is investigating alleged breach of associated get together transaction guidelines, public shareholding norms and share value manipulation.

Related get together transaction guidelines lay down practices to be adopted when two linked events are concerned in a transaction, whereas public shareholding norms set out the minimal shareholding of an exchange-listed firm required to be held by the general public.

SEBI in its utility mentioned that additional investigations are vital in circumstances the place preliminary findings level to violations of securities legal guidelines.

The utility doesn’t disclose particulars of the violations.

The regulator mentioned that it had acquired data from a number of Adani group entities. However, this must be independently verified and extra data has been sought from offshore regulators, since a number of the transactions below scrutiny contain offshore entities, it mentioned within the courtroom doc.

Reporting by Jayshree P. Upadhyay in Mumbai; enhancing by Clelia Oziel

Our Standards: The Thomson Reuters Trust Principles.