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SEBI Issues Show Cause Notice to Hindenburg, Accuses Firm of Collusion in Adani Report

Jul 7, 2024, 09:49 AM

The Securities and Exchange Board of India (SEBI) has issued a show cause notice to Hindenburg Research, accusing the firm of making unfair profits through collusion and using non-public and misleading information to induce panic selling in Adani Group stocks. SEBI claims that Hindenburg shared an advance copy of its report on Adani Group with New York-based hedge fund manager Mark Kingdon and his firm, Kingdon Capital Management, two months before its public release. Hindenburg has dismissed the notice and has been given 21 days to respond to these allegations. Additionally, a senior lawyer has suggested a possible 'China link' in Hindenburg's actions, adding another layer of complexity to the ongoing saga.