Tuesday, July 16, 2024

SEBI issues show-cause notice to Hindenburg, Nathan Anderson over Adani report


Share post:


Shillong, July 2: The Securities and Exchange Board of India (SEBI) has issued a show-cause notice to Hindenburg Research, Nathan Anderson and the entities of Mauritius-based foreign portfolio investor (FPI) Mark Kingdon for trading violations in the scrip of Adani Enterprises Ltd, leading up to Hindenburg report and thereafter.


In the 46-page show-cause notice, The markets regulator has alleged that Hindenburg and Anderson violated regulations under the SEBI Act, SEBI’s Prevention of Fraudulent and Unfair Trade Practices regulations, and its Code of Conduct for Research Analyst regulations.


Meanwhile, FPI Kingdon has allegedly violated SEBI Act, SEBI’s Prevention of Fraudulent and Unfair Trade Practices regulations and SEBI’s Code of Conduct for Foreign Portfolio Investors, according to the show-cause notice.


The markets regulator pointed out that the Hindenburg and the FPI entities undertook a misleading disclaimer that the report was solely for the valuation of securities traded outside India when it clearly pertained to listed entities in India.


The regulator said Kingdon aided Hindenburg to indirectly participate in Adani Enterprises by collaborating with the short seller to trade in the company’s futures in the Indian derivatives market and shared profits with the research firm.


Hindenburg continues to defend its report that came out in January 2023. (IANS)


Related articles

AJP slams Assam govt’s directive to border cops on immigrants

Guwahati, July 16: Regional party Assam Jatiya Parishad (AJP) has voiced concern over the Assam government’s recent directive...

Kylian Mbappe unveiled as Real Madrid player at Santiago Bernabeu

Madrid, July 16: The day that all Real Madrid fans have yearned for is finally here as Kylian...

Metsola re-elected European Parliament President

Paris, July 16: Maltese politician Roberta Metsola was on Tuesday re-elected as President of the European Parliament until...

Boost to Aatmanirbharta: Govt releases new list of 346 indigenous defence items

New Delhi, July 16: The Ministry of Defence has notified the fifth Positive Indigenisation List (PIL) consisting 346...