The Securities and Exchange Board of India (SEBI) has issued a show-cause notice to Hindenburg Research, Nathan Anderson, and entities of Mauritius-based FPI Mark Kingdon for trading violations in Adani Enterprises Ltd. The 46-page notice alleges violations of SEBI Act regulations, the Prevention of Fraudulent and Unfair Trade Practices, and Code of Conduct rules.
SEBI accuses Hindenburg and Kingdon of misleading disclaimers and collusion, with Kingdon aiding Hindenburg in trading Adani Enterprises futures in the Indian derivatives market and sharing profits. Hindenburg maintains its January 2023 report’s accuracy.
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