The Justice Sapre committee, appointed by the Supreme Court, cleared the Securities and Exchange Board of India (SEBI), the country’s market regulator, from any regulatory failings regarding allegations against the Adani Group.

What Happened? The committee examined the explanations given by SEBI and determined that, on the face of it, there was no evidence to support a conclusion of regulatory failure concerning the allegations of price rise manipulation.

SEBI had been monitoring Adani stocks closely but found no proof of “wash trade,” a term that describes transactions in stock between connected parties that happen continuously, with no actual intent of transferring ownership.

SEBI reviewed the price movement in Adani Group stocks four times – two times before the release of the Hindenburg Research report and two times after.

See also: Raghuram Rajan Questions SEBI’s Reluctance In Reaching Out To Probing Agencies Over Adani-Hindenburg Row

That said the regulator has stated that it found no evidence of any artificiality in the price rise. Furthermore, it mentioned that there was no data to link the rise to any specific entity or a group of connected entities.

On Wednesday, the apex court rejected a request for a six-month extension, instead allowing SEBI until August 14 to complete its investigation into alleged stock price manipulation.

The Adani Group’s stock prices suffered on Dalal Street after a U.S-based short-seller Hindenburg Research accused the conglomerate of several fraudulent activities, including share-price manipulation.

Read next: ONDC’s Retail Orders Halve As Discounts Dry Up