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Hindenburg showed Adani’s report to client two months before publishing: SEBI
Livemint
·
1y ago
Medial
US-based short seller Hindenburg Research is accused of sharing an early copy of its report on Adani Group with New York hedge fund manager Mark Kingdon, allowing him to profit from the subsequent market value drop. The Indian regulator, the Securities and Exchanges Board of India (SEBI), has issued a show cause notice to Hindenburg, alleging collusion, insider information use, and misleading tactics to induce panic selling. The notice also implicates a broker connected to Kotak Mahindra Bank. SEBI has given Hindenburg 21 days to respond to the allegations.
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Sensex, Nifty decline in early trade; Adani group stocks slump
YourStory
·
11m ago
Medial
Equity markets in India, including the Sensex and Nifty, declined at the start of the week due to investor caution surrounding a report by US short-seller Hindenburg Research. The report alleged undisclosed offshore investments by the SEBI chairperson and her husband, in connection with the Adani scandal. Adani group stocks, including Adani Enterprises and Adani Power, experienced significant declines. Despite a recent market rebound, concerns remain about potential disruptions from the Hindenburg report. The US markets ended higher on Friday, and Asian markets showed mixed results.
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Adani Hindenburg Case Verdict: SC directs SEBI to complete probe in 3 months
Livemint
·
1y ago
Medial
The Supreme Court has ruled that there is no basis for transferring the investigation into the Adani Group fraud allegations from SEBI to a Special Investigation Team. SEBI has completed the investigation in 20 out of 22 matters and has been directed to conclude the remaining two cases within three months. The court rejected the reliance on the OCCRP report and stated that newspaper reports and third-party organizations cannot be considered conclusive evidence. The court also ordered the Centre and SEBI to investigate if the Hindenburg report violates any laws and to take appropriate legal action. Adani Group stocks surged after the verdict.
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Madhabi Puri Buch recused herself from conflict of interest matters: SEBI issues statement
Money Control
·
11m ago
Medial
India's market regulator, SEBI, has stated that it has thoroughly investigated the allegations made against the Adani Group by Hindenburg Research. The regulator confirmed that its investigations into the 26 allegations are on the verge of completion. SEBI also highlighted that the claims made by Hindenburg Research, including its allegation that SEBI did not take any action against Adani, are unfounded. The regulator urged investors to exercise due diligence before reacting to such reports. SEBI emphasized the importance of transparency and consultation in the development and amendment of regulations.
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Hindenburg responds to SEBI on Adani show cause notice: 22 key points of defence | Mint
Livemint
·
1y ago
Medial
Hindenburg Research has responded to the show cause notice from the Securities and Exchange Board of India (SEBI) regarding its allegations against the Adani Group. Hindenburg shared the full notice, calling it a "bizarre" attempt to intimidate those who expose corruption and fraud in India. The notice accused Hindenburg of misrepresentation, but the firm defended its research and argued that SEBI has neglected its responsibility to address widespread fraud in the country. Hindenburg also clarified that it had only one investor relationship in its Adani thesis and made around $4.1 million in gross revenue from Adani shorts.
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Mauritius-based FPIs named in Hindenburg report challenge new SEBI norms | Mint
Livemint
·
10m ago
Medial
LTS Investment Funds and Lotus Global Investment, two Mauritius-based foreign portfolio investors (FPIs), have filed a petition with the Securities Appellate Tribunal (SAT) seeking relief from complying with the new foreign investor norms set by the Securities and Exchange Board of India (SEBI). The FPIs argue that the regulations unfairly disadvantage their investors. The case is set to be heard next week, and the FPIs have requested an exemption and more time for compliance. The funds were both mentioned in a report by short seller Hindenburg Research on the Adani Group.
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SEBI Focussed On Expediting IPO Applications, Ensuring Ease Of Compliance Reporting: Madhabi Puri Buch
Inc42
·
10m ago
Medial
SEBI has been monitoring the aging and pendency of IPO applications and has seen a significant decrease in the number of pending papers over the last 12 quarters. Buch, speaking publicly for the first time since the Hindenburg report, emphasized the importance of compliance and suggested it should be a regular practice for organizations. SEBI has also implemented measures to simplify compliance and reporting for listed entities, such as the conversion of several reports to XBRL format.
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Adani-Hindenburg Case: Kotak Bank created, oversaw fund used to bet against Adani, claims US short-seller | Mint
Livemint
·
1y ago
Medial
Hindenburg Research claims that Kotak Mahindra Bank and brokerage firms associated with Uday Kotak were involved in creating and managing the offshore fund structure used by its investor partner to bet against Adani group stocks. The short-seller criticized the Securities & Exchange Board of India (SEBI) for failing to mention Kotak's name in its show-cause notice. Hindenburg suspects that SEBI may be protecting influential Indian businessmen, suggesting a lack of scrutiny. SEBI's notice, sent to Hindenburg on June 27, is seen as an attempt to intimidate the short-seller.
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360 One claims ’zero investment’ in Adani Group stocks, says no investor involvement in fund operations
Livemint
·
11m ago
Medial
On August 11, 2022, 360 One (formerly IIFL Wealth) responded to allegations made by Hindenburg Research regarding their involvement with IPE Plus Fund 1 and the Adani Group. They clarified that the fund did not make any investments in Adani Group shares during its existence from 2013 to 2019. They also emphasized that the fund operated within regulatory compliance and maintained high standards of corporate governance. The allegations against Madhabi Puri Buch, the chief of the Securities and Exchange Board of India (SEBI), and her husband Dhaval Buch were part of a broader report by Hindenburg, referencing whistleblower documents.
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Hindenburg alleges SEBI head Madhabi Buch had stakes in obscure offshore funds used in Adani scandal
YourStory
·
11m ago
Medial
Hindenburg Research has accused Madhabi Buch, chairperson of India's securities regulator SEBI, and her husband of having stakes in offshore funds used in the Adani money siphoning scandal. The short-seller alleged that SEBI had shown little interest in Adani's alleged undisclosed web of offshore entities. Hindenburg cited whistleblower documents claiming that Buch and her husband had stakes in offshore funds controlled by Vinod Adani, which were used to round-trip funds and inflate stock prices. SEBI has not yet provided comment on the allegations.
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Hindenburg’s latest charges spark fresh plea in Supreme Court on Sebi’s Adani Group investigation | Mint
Livemint
·
11m ago
Medial
A new plea has been filed in the Supreme Court of India seeking a prompt conclusion to the investigation into the Adani Group following recent allegations made by Hindenburg Research. The petition calls for the Securities and Exchange Board of India (SEBI) to release its investigative report on the matter, as directed by the court earlier this year. The petitioner argues that the fresh allegations have created doubt among the public and investors, making it imperative for SEBI to conclude its investigation and provide transparency for the benefit of affected investors.
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