India's market regulator seeks more time to complete Adani investigation

India’s market regulator has asked for a six-month extension to complete its probe into possible lapses in securities market laws and regulatory disclosures by billionaire Gautam Adani's business conglomerate, according to a court document seen by Reuters.

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

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

The group, whose main business is infrastructure, said Hindenburg's report was baseless and called its allegations "unsubstantiated speculations".

The court had given the regulator until May 2 to submit its report.

In its application, the regulator said it needed more time "to conduct a proper investigation and arrive at "verified findings".

It is investigating alleged breach of related party transaction rules, public shareholding norms and share price manipulation.

Related party transaction rules lay down practices to be followed when two connected parties are involved in a transaction, while public shareholding norms set out the minimum shareholding of an exchange-listed company required to be held by the public.

The Sebi in its application said that further investigations are necessary in cases where preliminary findings point to violations of securities laws.

The application does not disclose details of the violations.

The regulator said that it had received information from several Adani group entities. However, this needs to be independently verified and additional information has been sought from offshore regulators, since some of the transactions under scrutiny involve offshore entities, it said in the court document.

What is type-1 diabetes

Type 1 diabetes is a genetic and unavoidable condition, rather than the lifestyle-related type 2 diabetes.

It occurs mostly in people under 40 and a result of the pancreas failing to produce enough insulin to regulate blood sugars.

Too much or too little blood sugar can result in an attack where sufferers lose consciousness in serious cases.

Being overweight or obese increases the chances of developing the more common type 2 diabetes.

COMPANY PROFILE

Name: Rain Management

Year started: 2017

Based: Bahrain

Employees: 100-120

Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund

From Conquest to Deportation

Jeronim Perovic, Hurst

Mia Man’s tips for fermentation

- Start with a simple recipe such as yogurt or sauerkraut

- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.

- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.

- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks.

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.

8. Pillar 2 implementation

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

The winners

Fiction

‘Amreekiya’ by Lena Mahmoud
‘As Good As True’ by Cheryl Reid

The Evelyn Shakir Non-Fiction Award

‘Syrian and Lebanese Patricios in Sao Paulo’ by Oswaldo Truzzi; translated by Ramon J Stern
‘The Sound of Listening’ by Philip Metres

The George Ellenbogen Poetry Award

‘Footnotes in the Order of Disappearance’ by Fady Joudah

Children/Young Adult

‘I’ve Loved You Since Forever’ by Hoda Kotb

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