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SEBI serves notice to Hindenburg, Nathan Anderson over Adani report

For trading violations in the Adani Enterprises Ltd. scrip before and following the Hindenburg Report, the markets regulator Securities and Exchange Board of India (SEBI) has sent a show cause notice to Hindenburg Research LLC, Nathan Anderson, and the entities of foreign portfolio investor Mark Kingdon, based in Mauritius.

Reported by:  PTC News Desk  Edited by:  Shgun S -- July 02nd 2024 12:17 PM
SEBI serves notice to Hindenburg, Nathan Anderson over Adani report

SEBI serves notice to Hindenburg, Nathan Anderson over Adani report

PTC News Desk: For trading violations in the Adani Enterprises Ltd. scrip before and following the Hindenburg Report, the markets regulator Securities and Exchange Board of India (SEBI) has sent a show cause notice to Hindenburg Research LLC, Nathan Anderson, and the entities of foreign portfolio investor Mark Kingdon, based in Mauritius. 

The regulator has claimed that Hindenburg and Anderson have broken the SEBI Act, the SEBI Code of Conduct for Research Analysts, and the Prevention of Fraudulent and Unfair Trade Practices regulations.


FPI Kingdon is accused of breaking the SEBI Code of Conduct for Foreign Portfolio Investors, the SEBI Act, and the SEBI Regulations for the Prevention of Fraudulent and Unfair Trade Practices.

The regulator pointed out that the Hindenburg and FPI entities issued a misleading disclaimer claiming that the study was only for the appraisal of securities traded outside of India although it applied to listed entities in India. 

The regulator said that Kingdon assisted Hindenburg in indirectly participating in Adani Enterprises by partnering with a short seller to trade the company's futures in the Indian derivatives market and sharing gains with the research firm.

Hindenburg continues to defend the January 2023 report.

- PTC NEWS

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