An expert committee appointed by the Supreme Court 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.

But the six-member panel said there was evidence of build-up in short positions on Adani Group stocks ahead of short seller Hindenburg Research’s report, and profiting from squaring off positions after prices crashed post-publication of the damning allegations.