SEBI's Show-cause notice to Hindenburg | WHAT DOES THIS DATA SAY | EPISODE 165 

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SEBI's Show-cause notice to Hindenburg | WHAT DOES THIS DATA SAY | EPISODE 165
Hindenburg gives an update on the show-cause notice sent to them by SEBI a few days ago.
"Adani Update - Our Response to India’s Securities Regulator SEBI"
A few excerpts from Hindenburg's response are given below.
1. We had anticipated fierce opposition to our report before we ever published it, regardless of how comprehensive and truthful our body of evidence was.
On the morning of June 27, 2024, our firm received a bizarre email, ostensibly from SEBI, alerting us that SEBI had flagged its own message to us that we never received as an apparent security risk, and that the regulator had “quarantined” it for its own safety.
2. Background: Basics on Our 106-Page Adani Report’s Findings and The 40+ Independent Media Investigations That Corroborated And Expounded On Our Work
To This Day Adani Has Not Directly Addressed the Findings from Our Research or From Dozens of Media Investigations, Instead Offering Deflections and Blanket Denials
3. SEBI’s “Show Cause Notice”: After 1.5 Years of Investigation, SEBI Identified Zero Factual Inaccuracies With Our Adani Research
Instead, The Regulator Took Issue with Things Like:
i. Our Use of The Word “Scandal” When Describing Multiple Prior Instances of Adani Promoters Being Charged with Fraud by Indian Regulators; And,
ii. Our Quoting of An Individual That Alleged SEBI Is Corrupt And Works “Hand In Glove” With Conglomerates Like Adani To Help It Skirt Regulations
Kotak Mahindra Bank's Alleged Role
According to Hindenburg, a Mauritius-registered unit of Kotak Mahindra Bank played a pivotal role in overseeing an offshore fund structure utilized by an unnamed investor to profit from the decline in Adani's share prices following Hindenburg's report. They criticized Sebi for omitting Kotak from their notice, insinuating that it might be an effort to shield influential Indian businessmen from scrutiny.
Sebi's Response
Sebi has refrained from publicly commenting on Hindenburg's rebuttal or verifying the authenticity of the show cause order. Representatives from Kotak Mahindra Bank have also not responded to requests for comment currently.
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