Sebi issues showcause notices to Hindenburg Research, five others

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Sebi issues showcause notices to Hindenburg Research, five others - Business Standard

Quick Summary:

According to the SCN, Hindenburg Research shared a draft of its Adani report exclusively with Kingdon on November 30, 2022.

New York-based Hindenburg Research has dismissed Sebi’s notice as “nonsense” and claimed that it barely broke even — a total of $4.1 million in gross revenue through gains related to Adani shorts.

The SCN claims the disclaimer in Hindenburg’s report, stating it held positions only through non-Indian traded securities, was misleading, as it concealed its direct stake in profits from Kingdon’s positions.“The statement portrayed non-association of Hindenburg with the Indian markets, which was not true,” said Sebi in the SCN issued on June 26.