Market regulatory SEBI (Representative image: Reuters)
The Indian market regulator, the Securities and Exchange Board of India (SEBI), is currently investigating allegations made by US-based short seller Hindenburg Research against the Adani Group, a conglomerate headquartered in India that deals in ports-to-power businesses.
Bloomberg reported on February 28 that the SEBI is examining both parties' accusations, but has not yet found any irregularities, according to insiders familiar with the situation. As of the time of the initial report, no official statement had been issued by the SEBI.
The SEBI is scrutinizing the compliance of Adani Group's listed firms and all aspects of trading in their shares, according to the insiders. However, they emphasized that the SEBI's actions should not be construed as a formal investigation.
Adani Group and Hindenburg Research did not react to the report so far.
Notably, nine listed entities of Adani have cumulatively lost over Rs 12 lakh crore since January 24, when Hindenburg released a report alleging "stocks manipulation" and "accounting fraud" by the company.
In response, the Adani Group had accused Hindenburg of committing a "calculated securities fraud", and that its report was "an ulterior motive" to "create a false market".
"This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India," the Gautam Adani-led company had said.
Hindenburg, undeterred by the charges, challenged the Adani Group to initiate a legal battle against it. “Regarding the company’s threats of legal action, to be clear, we would welcome it. We fully stand by our report and believe any legal action taken against us would be meritless," the short-seller had tweeted.
SEBI looking into Hindenburg-Adani allegations, no evidence found yet - Moneycontrol
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