The Securities and Exchange Board of India (SEBI) has issued a show-cause notice to Hindenburg Research LLC, Nathan Anderson, and the entities of Mauritius-based foreign portfolio investor Mark Kingdon for alleged trading violations involving Adani Enterprises Ltd. SEBI claims that Hindenburg and Anderson breached regulations under the SEBI Act, SEBI's Prevention of Fraudulent and Unfair Trade Practices regulations, and the SEBI Code of Conduct for Research Analysts.

FPI Kingdon is accused of violating the SEBI Act, SEBI's Prevention of Fraudulent and Unfair Trade Practices regulations, and the SEBI Code of Conduct for Foreign Portfolio Investors. SEBI highlighted that Hindenburg and the FPI entities included a misleading disclaimer suggesting their report was solely for the valuation of securities traded outside India, while it concerned listed entities in India.

According to the regulator, Kingdon assisted Hindenburg in indirectly participating 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. Despite these allegations, Hindenburg continues to defend its January 2023 report.

The Securities and Exchange Board of India (SEBI) has issued a show-cause notice to Hindenburg Research LLC, Nathan Anderson, and the entities of Mauritius-based foreign portfolio investor Mark Kingdon for alleged trading violations involving Adani Enterprises Ltd. SEBI claims that Hindenburg and Anderson breached regulations under the SEBI Act, SEBI's Prevention of Fraudulent and Unfair Trade Practices regulations, and the SEBI Code of Conduct for Research Analysts.

FPI Kingdon is accused of violating the SEBI Act, SEBI's Prevention of Fraudulent and Unfair Trade Practices regulations, and the SEBI Code of Conduct for Foreign Portfolio Investors. SEBI highlighted that Hindenburg and the FPI entities included a misleading disclaimer suggesting their report was solely for the valuation of securities traded outside India, while it concerned listed entities in India.

According to the regulator, Kingdon assisted Hindenburg in indirectly participating 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. Despite these allegations, Hindenburg continues to defend its January 2023 report.