Hindenburg receives show cause notice from Sebi over Adani issue

Markets regulator 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 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 the SEBI Act, SEBI's Prevention of Fraudulent and Unfair Trade Practices regulations, and SEBI's Code of Conduct for Research Analyst regulations.

While FPI Kingdon has allegedly violated the SEBI Act, SEBI's Prevention of Fraudulent and Unfair Trade Practices regulations, and SEBI's Code of Conduct for Foreign Portfolio Investors.