Busy Sebi gets a logo makeover
Mixed messaging from India’s Securities and Exchange Board.
It has been a busy time for the Securities and Exchange Board of India (Sebi), what with the Adani share price rout and its aftermath. But the Indian regulator has found time to unveil a new logo.
An advantage of the new logo is that, unlike the last one, it does at least appear to say Sebi. The previous one hung an E (in certain favourable lighting conditions) and a B within a snaking S before adding an I with a sort of foot on it as a postscript. It looked like a tangle rather than a regulator, and there have been times over the years when that might have been apposite.
The new one is streamlined and sleek, although some feel that its fractured nature is once again appropriate for a regulator with a lot on its plate, and others that it looks like Sebi has merged with State Bank of India.
Whatever: Sebi has bigger fish to fry. In March, the Supreme Court directed it to investigate aspects of the Adani matter, specifically whether the group and its listed companies violated minimum public shareholding norms, failed to disclose related party transactions and manipulated stock prices.
In particular, it will be expected to unearth the behaviour of entities registered in Mauritius that have funnelled money into the Adani companies, and that some – including Hindenburg, the short-seller whose report triggered the stock market collapse – have alleged are controlled by Adani itself, an allegation Adani has denied.
Sebi and a court-appointed panel have until May 2 to submit a report. When it lands, it will have the shiny new logo on it.