Hindenburg Steps Up for Adani Round Two. With SEBI
The short seller’s latest allegations go well beyond the infrastructure tycoon. They strike at the heart of India’s regulatory establishment.
The plot thickens with the latest Hindenburg report on Gautam Adani and SEBI.
Photographer: Dhiraj Singh/Bloomberg
It’s just as well for Narendra Modi that India’s parliament has been adjourned a day ahead of schedule. Opposition parties would definitely have pounced on Hindenburg Research’s latest report to corner the prime minister on his friendship with Gautam Adani. Lawmakers would have asked the government why the markets regulator is being so slow in completing its scrutiny of the controversial infrastructure tycoon.
That’s the thrust of the the New York-based short seller’s most recent allegations. Its report Saturday didn’t make any fresh accusations against the businessman from Modi’s home state of Gujarat. Instead, it asked if India’s stock-market watchdog can be trusted as an objective arbiter, given that its chairperson allegedly had a personal investment in an offshore fund linked to the “Adani money-siphoning scandal.”