Markets regulator Sebi on Friday told the Supreme Court that it will not seek an extension to complete its probe into the Adani Group, which has been battling accusations of stock manipulation fraud and accounting shenanigans for well over 10 months.

During the hearing, the Securities and Exchange Board of India (Sebi), represented by solicitor-general Tushar Mehta, told the apex court that it has completed investigations in 22 out of the 24 specific issues relating to charges against the Adani group and that it will not be seeking any more extensions.

The comment suggested that the regulator might be ready to close the probe against the Adanis even though it said that there could be no time limit set for completing the investigation into two outstanding issues.

Sebi did not say when it will reveal the present status of its investigation.

The Supreme Court on March 2 had asked the regulator to investigate whether the Adani group violated public shareholding rules to manipulate the prices of its shares.

The apex court had also set up a six-member panel to examine the factors that have led to the volatility in share prices “in the recent past” and whether there has been any regulatory failure to tackle the alleged contravention of securities rules by “the Adani group or other companies”.

The expert committee in May said it cannot conclude any regulatory failure around Adani Group’s stock rallies, and that Sebi has “drawn a blank” in its probe into alleged violations in money flows from offshore entities into the conglomerate.

In August, Sebi submitted a status report to the apex court in which it said that it had completed investigations in 22 out of the 24 issues. It is still waiting for information from regulators in several tax haven jurisdictions.

Chief Justice of India D.Y. Chandrachud on Friday asked Sebi what it has been doing to protect investors who were battered by the meltdown in the Adani group stocks early this year after the Hindenburg Research came out.

“There is extreme volatility in the stock market. What is Sebi planning to do to check this kind of volatility which has hurt investors,” Sebi was asked.

Mehta said action has been taken against short-sellers on instances found.

“There is no objection to the recommendations of the expert committee for strengthening the regulatory mechanism and the recommendations are under consideration and in principle we have accepted the recommendation,” Mehta said.

The three-member bench — comprising CJI, and Justices J.B. Pardiwala and Justice Manoj Misra — reserved its order on the matter while hearing a batch of petitions on the damaging allegations made against the Adani group by Hindenburg.

During the hearing, the bench observed that Sebi could not go by what newspaper reports say while probing the allegations against the Adani group.

The court was responding to advocate Prashant Bhushan, appearing for a petitioner, who claimed that Sebi’s probe was not credible.

Bhushan pointed out that while the market regulator says that around 14 foreign portfolio investors (FPIs) are linked to the conglomerate, it cannot examine them closely due to an amendment in FPI (foreign portfolio investor guidelines that was carried out earlier.

One of the petitions that the apex court was hearing included a plea for initiation of contempt proceedings against Sebi.

The PIL had alleged that the regulator violated the timeline for completing the investigation and submitting its report on the allegations of stock price manipulation by the Adani group.

Meanwhile, nine of the 10 listed group companies ended in the green on Friday.