Markets regulator Securities and Exchange Board of India has issued a show cause notice to Hindenburg Research LLC, Nathan Anderson and the entities of Mauritius-based foreign portfolio investor Mark Kingdon for trading violations in the scrip of Adani Enterprises Ltd. leading up to Hindenburg Report and thereafter.
The regulator has alleged that Hindenburg and Anderson have violated regulations under SEBI Act, SEBI's Prevention of Fraudulent and Unfair Trade Practices regulations, and SEBI's Code of Conduct for Research Analyst regulations.
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While FPI Kingdon has allegedly violated SEBI Act, SEBI's Prevention of Fraudulent and Unfair Trade Practices regulations, SEBI's Code of Conduct for Foreign Portfolio Investors.
The regulator pointed out the Hindenburg and the FPI entities undertook 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 January 2023 report.
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