In another setback for the Adani group, the Securities and Exchange Board of India (SEBI) has issued show-cause notices (SCN) to other Adani group firms. This comes after Adani Energy Solutions disclosed the SEBI's show cause notice on Friday in its September quarterly results report.&nbsp; 
&nbsp; 
In the latest, Adani Power disclosed SEBI show cause notices in their earnings report on Monday.&nbsp; 
&nbsp; 
SEBI's show-cause notice&nbsp; 
&nbsp; 
"During the quarter ended 30th September 2024, SEBI announced in a press release, that it had concluded one of the pending investigations. Also, during the current quarter, the SEBI completed the other pending investigation and has issued a show cause notice (SCN) to the company, alleging wrongful categorisation of shareholding of certain entities, relating to SEBI public shareholding norms and consequences therefrom. The company is in process of responding to the regulatory and statutory authorities by providing information, responses, documents and/or clarifications, as applicable."&nbsp; 
&nbsp; 
Adani Power submitted the disclosure along with its earnings report on Monday. Although the group firm did not elaborate on the details, the company's filing states that the notice was received during the September quarter. SEBI's notices to Adani Group firms allege the companies wrongly categorised the shareholding of certain entities as part of its public shareholding.&nbsp; 
&nbsp; 
Hindenburg vs Adani Group

That is one of Hindenburg's allegations against the Indian conglomerate in its scathing report in January last year. Under SEBI's rules, every listed company must ensure that public shareholders own at least 25 per cent of its equity. Any holdings by entities, including foreign portfolio investors, that have links to the promoter group must be reclassified as promoter holdings.&nbsp; 
&nbsp; 
Adani Power, in its earnings filing with the BSE, said: "During the quarter ended 30th September 2024, SEBI announced in a press release that it had concluded one of the pending investigations." The firm said, "Also during the current quarter, the SEBI completed the other pending investigation and has issued a show cause notice to the company, alleging wrongful categorisation of shareholding of certain entities, relating to SEBI public shareholding norms and consequences therefrom."&nbsp; 
&nbsp; 
Adani Power added, "The company is in the process of responding to the regulatory and statutory authorities by providing information, responses, documents and/or clarifications, as applicable."&nbsp; 
&nbsp; 
Sequence of events 
&nbsp; 
The controversy started after Hindenburg Research made accusations against the Indian business group in January last year. The US Research firm claimed several foreign funds owned shares in Adani group firms with connections to the promoter entities. Hindenburg accused that the group companies violated SEBI norms on minimum public shareholding as promoter holding was beyond the stipulated 75 per cent.&nbsp; 
&nbsp; 
That lines up with the SEBI's allegations in its latest notices to the Adani group firms. The Adani group has always refuted these claims. For now, all eyes will be on the earnings report filings of Adani's flagship firm and Adani Ports later on Tuesday.&nbsp; 
&nbsp; 
The timing of the SEBI notice raises eyebrows. This comes as SEBI chief Madhabi Puri Buch's tenure is coming to an end. The government is expected to call for applications from prospective candidates soon. There are concerns that Buch may be dragging her feet over summons issued by the Public Accounts Committee. The SEBI chief skipped the PAC's deposition scheduled for October 24, citing unavoidable personal work. The PAC chairman postponed the meeting as Buch skipped the deposition and was unhappy about the last-minute cancellation.

Adani Enterprises' earnings

The Indian conglomerate's flagship firm, Adani Enterprises, reported a roughly eight-fold increase in quarterly earnings, offsetting the drag from the coal trading sector. The solid performance in the September quarter was driven by airports and new energy units.

Adani Enterprises reported a 663 per cent jump in net income to 17.4 billion rupees or $207 million.

The earnings report showed that revenue increased 16 per cent to 226.1 billion rupees while total costs were up 8.2 per cent to 207.9 billion rupees. Shares of Adani Enterprises, which oversees a motley mix of businesses, including airports, roads, data centres and health care, climbed as much as 2.3 per cent after the earnings were announced.

In another setback for the Adani group, the Securities and Exchange Board of India (SEBI) has issued show-cause notices (SCN) to other Adani group firms. This comes after Adani Energy Solutions disclosed the SEBI's show cause notice on Friday in its September quarterly results report.

In another setback for the Adani group, the Securities and Exchange Board of India (SEBI) has issued show-cause notices (SCN) to other Adani group firms. This comes after Adani Energy Solutions disclosed the SEBI's show cause notice on Friday in its September quarterly results report. In the latest, Adani Power disclosed SEBI show cause notices in their earnings report on Monday. SEBI's show-cause notice "During the quarter ended 30th September 2024, SEBI announced in a press release, that it had concluded one of the pending investigations. Also, during the current quarter, the SEBI completed the other pending investigation and has issued a show cause notice (SCN) to the company, alleging wrongful categorisation of shareholding of certain entities, relating to SEBI public shareholding norms and consequences therefrom. The company is in process of responding to the regulatory and statutory authorities by providing information, responses, documents and/or clarifications, as applicable." Adani Power submitted the disclosure along with its earnings report on Monday. Although the group firm did not elaborate on the details, the company's filing states that the notice was received during the September quarter. SEBI's notices to Adani Group firms allege the companies wrongly categorised the shareholding of certain entities as part of its public shareholding. Hindenburg vs Adani Group That is one of Hindenburg's allegations against the Indian conglomerate in its scathing report in January last year. Under SEBI's rules, every listed company must ensure that public shareholders own at least 25 per cent of its equity. Any holdings by entities, including foreign portfolio investors, that have links to the promoter group must be reclassified as promoter holdings. Adani Power, in its earnings filing with the BSE, said: "During the quarter ended 30th September 2024, SEBI announced in a press release that it had concluded one of the pending investigations." The firm said, "Also during the current quarter, the SEBI completed the other pending investigation and has issued a show cause notice to the company, alleging wrongful categorisation of shareholding of certain entities, relating to SEBI public shareholding norms and consequences therefrom." Adani Power added, "The company is in the process of responding to the regulatory and statutory authorities by providing information, responses, documents and/or clarifications, as applicable." Sequence of events The controversy started after Hindenburg Research made accusations against the Indian business group in January last year. The US Research firm claimed several foreign funds owned shares in Adani group firms with connections to the promoter entities. Hindenburg accused that the group companies violated SEBI norms on minimum public shareholding as promoter holding was beyond the stipulated 75 per cent. That lines up with the SEBI's allegations in its latest notices to the Adani group firms. The Adani group has always refuted these claims. For now, all eyes will be on the earnings report filings of Adani's flagship firm and Adani Ports later on Tuesday. The timing of the SEBI notice raises eyebrows. This comes as SEBI chief Madhabi Puri Buch's tenure is coming to an end. The government is expected to call for applications from prospective candidates soon. There are concerns that Buch may be dragging her feet over summons issued by the Public Accounts Committee. The SEBI chief skipped the PAC's deposition scheduled for October 24, citing unavoidable personal work. The PAC chairman postponed the meeting as Buch skipped the deposition and was unhappy about the last-minute cancellation. Adani Enterprises' earnings The Indian conglomerate's flagship firm, Adani Enterprises, reported a roughly eight-fold increase in quarterly earnings, offsetting the drag from the coal trading sector. The solid performance in the September quarter was driven by airports and new energy units. Adani Enterprises reported a 663 per cent jump in net income to 17.4 billion rupees or $207 million. The earnings report showed that revenue increased 16 per cent to 226.1 billion rupees while total costs were up 8.2 per cent to 207.9 billion rupees. Shares of Adani Enterprises, which oversees a motley mix of businesses, including airports, roads, data centres and health care, climbed as much as 2.3 per cent after the earnings were announced.

SEBI's show cause notices mark another setback for Adani Group 

SEBI Chief Madhabi Puri Buch has skipped the Parliamentary Accounts Committee (PAC) deposition scheduled for October 24.

Buch cited personal work which cannot be avoided as the reason for not attending the meeting.

The PAC postponed its meeting slated for today after Buch expressed her inability to attend.

PAC Chairman and Congress General Secretary KC Venugopal said the committee, in its first meeting, had agreed to have a suo moto issue for regulatory bodies to consider.

He said that was the reason the SEBI Chief was summoned.

The parliamentary panel has now decided to postpone the meeting after Buch informed the committee about her absence.

Buch and four other representatives of the SEBI were slotted for the deposition on October 24th after her earlier request for exemption was denied by the panel.

Venugopal said, "First of all, they sought an exemption, and the SEBI chairperson sought an exemption from appearing before the committee, which we denied. After that, she confirmed she and her team would be present."

According to media reports, a stormy session was expected at Buch's deposition.

With reports quoting sources calling for the ruling party members to stand off against the opposition party's politically targeted attacks.

But with Buch skipping the meeting, Venugopal said her absence could be construed as an attempt to avoid the panel's questions.

He said: "Today morning at 9:30 she informed me that she is not in a position to travel to Delhi. Considering a woman's request we thought that it is better to postpone today's meeting for another day."

A political firestorm is brewing after the PAC moved the meeting to a later date.

Media reports show Ravi Shankar Prasad, a BJP MP and its members, charged that chairman Venugopal made choices on his own initiative.

According to Ravi Shankar Prasad, several PAC members, including BJP leaders, complained to the speaker of the Lok Sabha over Venugopal's actions.

There was no objection to the committee's plan to include the performance review of regulatory bodies on its agenda.

Venugopal's decision to call Buch, however, alarmed members of the ruling party.

Buch has been at the centre of a political controversy sparked by accusations made against her by Hindenburg and the opposition party - the Congress.

SEBI Chief Madhabi Puri Buch has skipped the Parliamentary Accounts Committee (PAC) deposition scheduled for October 24. Buch cited personal work which cannot be avoided as the reason for not attending the meeting.

SEBI Chief Madhabi Puri Buch has skipped the Parliamentary Accounts Committee (PAC) deposition scheduled for October 24. Buch cited personal work which cannot be avoided as the reason for not attending the meeting. The PAC postponed its meeting slated for today after Buch expressed her inability to attend. PAC Chairman and Congress General Secretary KC Venugopal said the committee, in its first meeting, had agreed to have a suo moto issue for regulatory bodies to consider. He said that was the reason the SEBI Chief was summoned. The parliamentary panel has now decided to postpone the meeting after Buch informed the committee about her absence. Buch and four other representatives of the SEBI were slotted for the deposition on October 24th after her earlier request for exemption was denied by the panel. Venugopal said, "First of all, they sought an exemption, and the SEBI chairperson sought an exemption from appearing before the committee, which we denied. After that, she confirmed she and her team would be present." According to media reports, a stormy session was expected at Buch's deposition. With reports quoting sources calling for the ruling party members to stand off against the opposition party's politically targeted attacks. But with Buch skipping the meeting, Venugopal said her absence could be construed as an attempt to avoid the panel's questions. He said: "Today morning at 9:30 she informed me that she is not in a position to travel to Delhi. Considering a woman's request we thought that it is better to postpone today's meeting for another day." A political firestorm is brewing after the PAC moved the meeting to a later date. Media reports show Ravi Shankar Prasad, a BJP MP and its members, charged that chairman Venugopal made choices on his own initiative. According to Ravi Shankar Prasad, several PAC members, including BJP leaders, complained to the speaker of the Lok Sabha over Venugopal's actions. There was no objection to the committee's plan to include the performance review of regulatory bodies on its agenda. Venugopal's decision to call Buch, however, alarmed members of the ruling party. Buch has been at the centre of a political controversy sparked by accusations made against her by Hindenburg and the opposition party - the Congress.

SEBI Chief skips parliamentary committee meeting

The Public aAccounts Committee (PAC) of parliament has summoned the chiefs of markets regulator and telecom watchdog to depose them on October 24. The PAC's decision to review the workings of independent and leading regulatory bodies is rather unusual. The summon to the SEBI chief comes amid a series of allegations levelled against Madhabi Puri Buch, including conflict of interest charges.

Parliamentary Panel To Depose SEBI And TRAI Chiefs On Oct 24

In a surprising turn of events, the Securities and Exchange Board of India (SEBI) has withdrawn its press release issued on September 4th, which addressed claims of an unprofessional work culture within the organization. The regulator stated that these concerns are "misplaced" and reaffirmed that employee-related issues will be managed internally through appropriate mechanisms as detailed in a report by Press Trust of India. 

The decision to retract the statement came just days after a large-scale protest by SEBI employees outside the regulator's headquarters on September 5th. The employees had demanded the withdrawal of the press release and the resignation of SEBI Chairperson Madhabi Puri Buch.

In a statement released on Monday, SEBI acknowledged the critical role its employees have played in shaping the Indian securities market into one of the most dynamic and well-regulated markets globally over the past 36 years.

"Following constructive discussions with representatives of all grades of officers, SEBI and its employees have reaffirmed that such issues are strictly internal and will be managed in accordance with the organization's high standards of governance and within a time-bound framework," the regulator said.

The withdrawal of the press release came after employees strongly condemned the unauthorized dissemination of internal communications. SEBI employees have reiterated their commitment to resolving concerns meaningfully through established internal channels, ensuring that such matters remain internal and managed within a time-bound framework.

For Puri, the protests and internal issues have come at a challenging time in her stint as SEBI Chairperson. The career banker-turned-regulator is currently facing speculations about a potential conflict of interest related to the probe against the Adani Group and a raft of other allegations surrounding the matter.

In an unprecedented move, around 500 SEBI employees wrote to the Finance Ministry on August 6th, against the top management, for what they called a "toxic" work environment, which includes instances of public humiliation and shouting down.

After the publishing of a media report about the letter, SEBI responded with a press release, stating that such claims are "misplaced", which seemed to have bothered the employees. The regulator stated that some "external elements" had instigated its employees into believing that they shouldn't be held to high standards of performance and accountability, though it did not provide specific details.

The decision to retract the press release and engage in constructive discussions with employees demonstrates SEBI's commitment to addressing internal concerns through established channels. As the regulator navigates these challenges, it remains focused on maintaining the integrity and efficiency of the Indian securities market.

&nbsp;

In a surprising turn of events, the Securities and Exchange Board of India (SEBI) has withdrawn its press release issued on September 4th, which addressed claims of an unprofessional work culture within the organization.

In a surprising turn of events, the Securities and Exchange Board of India (SEBI) has withdrawn its press release issued on September 4th, which addressed claims of an unprofessional work culture within the organization. The regulator stated that these concerns are "misplaced" and reaffirmed that employee-related issues will be managed internally through appropriate mechanisms as detailed in a report by Press Trust of India. The decision to retract the statement came just days after a large-scale protest by SEBI employees outside the regulator's headquarters on September 5th. The employees had demanded the withdrawal of the press release and the resignation of SEBI Chairperson Madhabi Puri Buch. In a statement released on Monday, SEBI acknowledged the critical role its employees have played in shaping the Indian securities market into one of the most dynamic and well-regulated markets globally over the past 36 years. "Following constructive discussions with representatives of all grades of officers, SEBI and its employees have reaffirmed that such issues are strictly internal and will be managed in accordance with the organization's high standards of governance and within a time-bound framework," the regulator said. The withdrawal of the press release came after employees strongly condemned the unauthorized dissemination of internal communications. SEBI employees have reiterated their commitment to resolving concerns meaningfully through established internal channels, ensuring that such matters remain internal and managed within a time-bound framework. For Puri, the protests and internal issues have come at a challenging time in her stint as SEBI Chairperson. The career banker-turned-regulator is currently facing speculations about a potential conflict of interest related to the probe against the Adani Group and a raft of other allegations surrounding the matter. In an unprecedented move, around 500 SEBI employees wrote to the Finance Ministry on August 6th, against the top management, for what they called a "toxic" work environment, which includes instances of public humiliation and shouting down. After the publishing of a media report about the letter, SEBI responded with a press release, stating that such claims are "misplaced", which seemed to have bothered the employees. The regulator stated that some "external elements" had instigated its employees into believing that they shouldn't be held to high standards of performance and accountability, though it did not provide specific details. The decision to retract the press release and engage in constructive discussions with employees demonstrates SEBI's commitment to addressing internal concerns through established channels. As the regulator navigates these challenges, it remains focused on maintaining the integrity and efficiency of the Indian securities market.

SEBI retracts press release on work culture concerns after employee protests

The Securities and Exchange Board of India (SEBI) is facing heightened scrutiny as the Public Accounts Committee (PAC) has decided to include a review of the regulator's performance in its agenda. This move comes in response to serious allegations made against Sebi's Chairperson, Madhabi Puri Buch, by the US-based firm Hindenburg Research.

Madhabi Puri Buch under scrutiny: Parliamentary committee to scrutinise regulator amid controversy

In a strategic move, the Adani Group has revealed that it has sufficient cash that would easily pay off over 30 months of its debt against key liquidity concerns. It comes amid fresh fundraising by its flagship unit, Adani Enterprises Ltd., at this time when this Indian conglomerate is under scrutiny following allegations made by Hindenburg Research.&nbsp;

Consolidated financial highlights&nbsp;

According to the latest earnings release, cash at Adani has now formed 24.8 per cent of its gross debt, up from 17.7 per cent a year ago. This followed strong financial performance during which earnings before interest, tax, depreciation, and amortization rose 33 per cent to Rs 225.70 billion ($2.7 billion) for the quarter ended June 30.&nbsp;

The group is targeting Rs 100 billion to Rs 120 billion through share sale after its transmission arm completed a $1 billion fund raise. This potential financing is key to restoring investor confidence in the group, which Hindenburg Research charged with wide-scale fraud and corporate malfeasance early in 2023—events that at one point led to the loss of more than $150 billion in market value. Adani has denied the allegations.&nbsp;

Through a BSE filing titled "Hindenburg Report - A Red Herring" dated August 11, 2024, the Adani Group categorically denied the allegations of the Hindenburg Group, terming them as mischievous and malicious.

"The latest allegations by Hindenburg are malicious, mischievous and manipulative selections of publicly available information to arrive at pre-determined conclusions for personal profiteering with wanton disregard for facts and the law. We completely reject these allegations against the Adani Group which are a recycling of discredited claims that have been thoroughly investigated, proven to be baseless and already dismissed by the Hon'ble Supreme Court in March 2023."&nbsp;

"It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents. Furthermore, Anil Ahuja was a nominee director of 3i investment fund in Adani Power (2007- 2008) and, later, a director of Adani Enterprises until 2017."&nbsp;

"The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing. We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements. For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg's allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws."&nbsp;

Debt on the Adani group&nbsp;

It is to be noted that the gross debt of the Adani Group had touched Rs 2.41 trillion by the end of the quarter, drawing many raised eyebrows on its ability to service such monstrous financial liabilities. Further, with the ever-evolving situation it is to be seen how the Adani Group will defend itself from any upcoming counter by Hindenburg.

In a strategic move, the Adani Group has revealed that it has sufficient cash that would easily pay off over 30 months of its debt against key liquidity concerns.

In a strategic move, the Adani Group has revealed that it has sufficient cash that would easily pay off over 30 months of its debt against key liquidity concerns. It comes amid fresh fundraising by its flagship unit, Adani Enterprises Ltd., at this time when this Indian conglomerate is under scrutiny following allegations made by Hindenburg Research. Consolidated financial highlights According to the latest earnings release, cash at Adani has now formed 24.8 per cent of its gross debt, up from 17.7 per cent a year ago. This followed strong financial performance during which earnings before interest, tax, depreciation, and amortization rose 33 per cent to Rs 225.70 billion ($2.7 billion) for the quarter ended June 30. The group is targeting Rs 100 billion to Rs 120 billion through share sale after its transmission arm completed a $1 billion fund raise. This potential financing is key to restoring investor confidence in the group, which Hindenburg Research charged with wide-scale fraud and corporate malfeasance early in 2023—events that at one point led to the loss of more than $150 billion in market value. Adani has denied the allegations. Through a BSE filing titled "Hindenburg Report - A Red Herring" dated August 11, 2024, the Adani Group categorically denied the allegations of the Hindenburg Group, terming them as mischievous and malicious. "The latest allegations by Hindenburg are malicious, mischievous and manipulative selections of publicly available information to arrive at pre-determined conclusions for personal profiteering with wanton disregard for facts and the law. We completely reject these allegations against the Adani Group which are a recycling of discredited claims that have been thoroughly investigated, proven to be baseless and already dismissed by the Hon'ble Supreme Court in March 2023." "It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents. Furthermore, Anil Ahuja was a nominee director of 3i investment fund in Adani Power (2007- 2008) and, later, a director of Adani Enterprises until 2017." "The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing. We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements. For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg's allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws." Debt on the Adani group It is to be noted that the gross debt of the Adani Group had touched Rs 2.41 trillion by the end of the quarter, drawing many raised eyebrows on its ability to service such monstrous financial liabilities. Further, with the ever-evolving situation it is to be seen how the Adani Group will defend itself from any upcoming counter by Hindenburg.

Adani Group touts cash pile to soothe Hindenburg-fuelled concerns

Yet another blow has come to Gautam Adani, one of the world's richest men and the founder of Adani Group.

The latest set of accusations by activist short-seller Hindenburg Research this week led to a heavy share sell-off at Adani's group of companies, wiping off around $2.4 billion in their total market value, according to Reuters. However, the losses are nothing compared to last year.

This comes after Hindenburg Research, based out of New York, accused the head of India's capital markets regulator of links to an offshore fund structure also used by the Adani Group.

Hindenburg, whose business model is based on betting against a company's stock price, has a history of accusing Adani Group of misconduct.

It's not the first time it has tanked Adani Group's market value. In 2023, after Hindenburg Research first made accusations against Adani Group in January, its stock value shaved off some $150 billion.

In a report titled 'How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History,' Hindenburg accused the group of extensive misuse of tax havens and running stock manipulation and fraud 'over decades.'

This resulted in probes into the group's vast multibillion-dollar empire by the Supreme Court of India in conjunction with the Securities and Exchange Board of India.

Citing whistleblower documents, Hindenburg said that the head of SEBI, Madhabi Puri Buch, had a conflict of interest in investigating Adani. She and her husband held stakes in offshore entities used to artificially inflate the shares of companies owned by the Adani Group, Hindenburg claimed.

A statement by the couple said they 'strongly deny the baseless allegations and insinuations made in the report.'

The regulator also published a separate statement saying it had probed allegations made by Hindenburg Research against the Adani Group, Reuters reported.

The Adani Group denied all the accusations, adding a note to its website which described the report as 'malicious, mischievous and manipulative selections of publicly available information.'

It had further accused Hindenburg of coming to 'pre-determined conclusions for personal profiteering with wanton disregard for facts and the law.'

Adani's wealth surged in 2022, making him the third richest person in the world at the start of 2023; now he slipped to 22nd place in the Bloomberg Billionaires Index after allegations by Hindenburg Research.

According to the Index, his net worth is $104 billion, making him the 12th wealthiest man in the world at the moment and the next individual after the richest man in Asia, Mukesh Ambani.

The latest allegations come at a hard time for Adani as his company is trying to expand internationally. Last week, Business Insider reported that Karan Adani, Gautam Adani's son, wants to loosen China's grip on seaports and transform India into a significant trading hub.

Yet another blow has come to Gautam Adani, one of the world's richest men and the founder of Adani Group. The latest set of accusations by activist short-seller Hindenburg Research this week led to a heavy share sell-off at Adani's group of companies, wiping off around $2.

Yet another blow has come to Gautam Adani, one of the world's richest men and the founder of Adani Group. The latest set of accusations by activist short-seller Hindenburg Research this week led to a heavy share sell-off at Adani's group of companies, wiping off around $2.4 billion in their total market value, according to Reuters. However, the losses are nothing compared to last year. This comes after Hindenburg Research, based out of New York, accused the head of India's capital markets regulator of links to an offshore fund structure also used by the Adani Group. Hindenburg, whose business model is based on betting against a company's stock price, has a history of accusing Adani Group of misconduct. It's not the first time it has tanked Adani Group's market value. In 2023, after Hindenburg Research first made accusations against Adani Group in January, its stock value shaved off some $150 billion. In a report titled 'How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History,' Hindenburg accused the group of extensive misuse of tax havens and running stock manipulation and fraud 'over decades.' This resulted in probes into the group's vast multibillion-dollar empire by the Supreme Court of India in conjunction with the Securities and Exchange Board of India. Citing whistleblower documents, Hindenburg said that the head of SEBI, Madhabi Puri Buch, had a conflict of interest in investigating Adani. She and her husband held stakes in offshore entities used to artificially inflate the shares of companies owned by the Adani Group, Hindenburg claimed. A statement by the couple said they 'strongly deny the baseless allegations and insinuations made in the report.' The regulator also published a separate statement saying it had probed allegations made by Hindenburg Research against the Adani Group, Reuters reported. The Adani Group denied all the accusations, adding a note to its website which described the report as 'malicious, mischievous and manipulative selections of publicly available information.' It had further accused Hindenburg of coming to 'pre-determined conclusions for personal profiteering with wanton disregard for facts and the law.' Adani's wealth surged in 2022, making him the third richest person in the world at the start of 2023; now he slipped to 22nd place in the Bloomberg Billionaires Index after allegations by Hindenburg Research. According to the Index, his net worth is $104 billion, making him the 12th wealthiest man in the world at the moment and the next individual after the richest man in Asia, Mukesh Ambani. The latest allegations come at a hard time for Adani as his company is trying to expand internationally. Last week, Business Insider reported that Karan Adani, Gautam Adani's son, wants to loosen China's grip on seaports and transform India into a significant trading hub.

Adani empire in the spotlight as Hindenburg strikes with fresh allegations

Opposition parties in India have strongly reacted to the US-based short-seller Hindenburg's allegations on Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch and the Adani group. In its report, Hindenburg alleged on Saturday (Aug 10) that Buch previously held investments in certain offshore funds that were also used by Adani Group.

SEBI chief vs Hindenburg: Opposition's view

The recent allegations by Hindenburg Research against SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, have ignited a political storm, with opposition parties demanding a Joint Parliamentary Committee (JPC) to investigate the matter. Now Leader of Opposition in Lok Sabha, Rahul Gandhi has commented that the integrity of SEBI "has been gravely compromised".&nbsp;

<h2 bis_size="{&quot;x&quot;:8,&quot;y&quot;:103,&quot;w&quot;:723,&quot;h&quot;:26,&quot;abs_x&quot;:41,&quot;abs_y&quot;:1979}">Rahul Gandhi slams PM Modi</h2>

"The integrity of SEBI, the securities regulator entrusted with safeguarding the wealth of small retail investors, has been gravely compromised by the allegations against its chairperson," alleged the Rae Bareli MP.

Slamming Indian Prime Minister Narendra Modi, Gandhi said, "It is now abundantly clear why Prime Minister Modi is so afraid of a JPC probe and what it might reveal."

Also read |&nbsp;<a bis_size="{&quot;x&quot;:8,&quot;y&quot;:264,&quot;w&quot;:692,&quot;h&quot;:34,&quot;abs_x&quot;:41,&quot;abs_y&quot;:2140}" href="https://www.wionews.com/india-news/hindenburg-allegations-on-sebi-chief-adani-opposition-reacts-to-reports-findings-749103">Modi govt steeped in corruption...: Indian opposition reacts to Hindenburg's report on SEBI chief, Adani Group</a>

Addressing the Indian public, Gandhi asked them to imagine "an international cricket match between India and Australia, and every single person who is watching the match and those playing the match know that the umpire is compromised."

"What would happen to the match? What would happen to the fairness of the match and the outcome? How would you feel as somebody who is participating in the match? This is exactly what is happening in the Indian stock market," he said in the video message.

Gandhi said that honest investors across India have pressing questions for the Modi government.&nbsp;

"Why hasn't SEBI Chairperson Madhabi Puri Buch resigned yet?" asked Gandhi.&nbsp;

"If investors lose their hard-earned money, who will be held accountable—PM Modi, the SEBI Chairperson, or Gautam Adani?"

Watch what he said here:

<div bis_size="{&quot;x&quot;:8,&quot;y&quot;:594,&quot;w&quot;:723,&quot;h&quot;:236,&quot;abs_x&quot;:41,&quot;abs_y&quot;:2470}" class="ui-state-default" contenteditable="false">
<div bis_size="{&quot;x&quot;:116,&quot;y&quot;:605,&quot;w&quot;:505,&quot;h&quot;:215,&quot;abs_x&quot;:149,&quot;abs_y&quot;:2481}" class="twitter-block" draggable="false">
<blockquote bis_size="{&quot;x&quot;:121,&quot;y&quot;:605,&quot;w&quot;:495,&quot;h&quot;:215,&quot;abs_x&quot;:154,&quot;abs_y&quot;:2481}" class="twitter-tweet" data-media-max-width="560">
The integrity of SEBI, the securities regulator entrusted with safeguarding the wealth of small retail investors, has been gravely compromised by the allegations against its Chairperson. 
 
Honest investors across the country have pressing questions for the government: 
 
- Why… <a bis_size="{&quot;x&quot;:336,&quot;y&quot;:751,&quot;w&quot;:154,&quot;h&quot;:14,&quot;abs_x&quot;:369,&quot;abs_y&quot;:2627}" href="https://t.co/vZlEl8Qb4b">pic.twitter.com/vZlEl8Qb4b</a>
— Rahul Gandhi (@RahulGandhi) <a bis_size="{&quot;x&quot;:445,&quot;y&quot;:779,&quot;w&quot;:93,&quot;h&quot;:14,&quot;abs_x&quot;:478,&quot;abs_y&quot;:2655}" href="https://twitter.com/RahulGandhi/status/1822638113753317572?ref_src=twsrc%5Etfw">August 11, 2024</a></blockquote>
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He also questioned whether India's top court will look into the "very serious allegation".

"In light of the new and very serious allegations that have surfaced, will the Supreme Court look into this matter suo moto once again?"

<h2 bis_size="{&quot;x&quot;:8,&quot;y&quot;:932,&quot;w&quot;:723,&quot;h&quot;:26,&quot;abs_x&quot;:41,&quot;abs_y&quot;:2808}">'Colonial arrogance of days bygone'</h2>

Senior advocate Mahesh Jethmalani has dismissed the Hindenburg allegations as a "pathetic damp squib".

"The announcement prior to its alleged big revelation itself reveals its motive: to destabilise India’s stock markets," alleged the&nbsp;former Rajya Sabha MP from the Bhartiya Janata Party.

"This reeks of colonial arrogance of days bygone and contempt by a rich country national fortified by safe harbour, of the economic sovereignty of an emerging nation," he added.

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<blockquote bis_size="{&quot;x&quot;:121,&quot;y&quot;:1119,&quot;w&quot;:495,&quot;h&quot;:169,&quot;abs_x&quot;:154,&quot;abs_y&quot;:2995}" class="twitter-tweet">
<a bis_size="{&quot;x&quot;:198,&quot;y&quot;:1157,&quot;w&quot;:74,&quot;h&quot;:14,&quot;abs_x&quot;:231,&quot;abs_y&quot;:3033}" href="https://twitter.com/hashtag/Hindenburg?src=hash&amp;ref_src=twsrc%5Etfw">#Hindenburg</a>’s “Something big” is a pathetic damp squib, The announcement prior to its alleged big revelation itself reveals its motive: to destabilise India’s stock markets. The pre publicity ill behoves a reputed “research analyst “. As regards the “big” something there is… <a bis_size="{&quot;x&quot;:379,&quot;y&quot;:1219,&quot;w&quot;:147,&quot;h&quot;:14,&quot;abs_x&quot;:412,&quot;abs_y&quot;:3095}" href="https://t.co/QeKNO4gEFp">https://t.co/QeKNO4gEFp</a>
— Mahesh Jethmalani (@JethmalaniM) <a bis_size="{&quot;x&quot;:462,&quot;y&quot;:1247,&quot;w&quot;:93,&quot;h&quot;:14,&quot;abs_x&quot;:495,&quot;abs_y&quot;:3123}" href="https://twitter.com/JethmalaniM/status/1822586469812236409?ref_src=twsrc%5Etfw">August 11, 2024</a></blockquote>
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Also read |&nbsp;<a bis_size="{&quot;x&quot;:88,&quot;y&quot;:1314,&quot;w&quot;:565,&quot;h&quot;:16,&quot;abs_x&quot;:121,&quot;abs_y&quot;:3190}" href="https://www.wionews.com/india-news/for-a-discredited-short-seller-adani-group-hits-back-over-hindenburg-report-749115">'For a discredited short-seller...': Adani Group hits back over Hindenburg report</a>

<h2 bis_size="{&quot;x&quot;:8,&quot;y&quot;:1350,&quot;w&quot;:723,&quot;h&quot;:26,&quot;abs_x&quot;:41,&quot;abs_y&quot;:3226}">Hindenburg research allegations</h2>

On Saturday, US short seller Hindenburg alleged SEBI chairperson Madhabi Buch was in cahoots with Adani.

"We had previously noted Adani's total confidence in continuing to operate without the risk of serious regulatory intervention, suggesting that this may be explained through Adani’s relationship with SEBI Chairperson, Madhabi Buch."

"What we hadn't realised: the current SEBI Chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani," said the US firm.

It said that its allegations were based on documents provided by a whistleblower and investigations carried out by other entities.

<h2>SEBI urges calm, points to ‘short positions’ disclaimer in report</h2>

India’s market regulator SEBI has meanwhile issued a statement on Sunday and urged investors to remain calm and conduct due diligence before reacting to the Hindenburg Research report, pointing out that it includes a disclaimer that the short-seller may hold short positions in the securities covered. 
 
“Investors should remain calm and exercise due diligence before reacting to such reports. Investors may also like to take note of the disclaimer in the report that states that readers should assume that Hindenburg Research may have short positions in the securities covered in the report,” the statement read.

(With inputs from agencies)

The recent allegations by Hindenburg Research against SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, have ignited a political storm, with opposition parties demanding a Joint Parliamentary Committee (JPC) to investigate the matter.

The recent allegations by Hindenburg Research against SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, have ignited a political storm, with opposition parties demanding a Joint Parliamentary Committee (JPC) to investigate the matter. Now Leader of Opposition in Lok Sabha, Rahul Gandhi has commented that the integrity of SEBI "has been gravely compromised". Rahul Gandhi slams PM Modi "The integrity of SEBI, the securities regulator entrusted with safeguarding the wealth of small retail investors, has been gravely compromised by the allegations against its chairperson," alleged the Rae Bareli MP. Slamming Indian Prime Minister Narendra Modi, Gandhi said, "It is now abundantly clear why Prime Minister Modi is so afraid of a JPC probe and what it might reveal." Also read | Modi govt steeped in corruption...: Indian opposition reacts to Hindenburg's report on SEBI chief, Adani Group Addressing the Indian public, Gandhi asked them to imagine "an international cricket match between India and Australia, and every single person who is watching the match and those playing the match know that the umpire is compromised." "What would happen to the match? What would happen to the fairness of the match and the outcome? How would you feel as somebody who is participating in the match? This is exactly what is happening in the Indian stock market," he said in the video message. Gandhi said that honest investors across India have pressing questions for the Modi government. "Why hasn't SEBI Chairperson Madhabi Puri Buch resigned yet?" asked Gandhi. "If investors lose their hard-earned money, who will be held accountable—PM Modi, the SEBI Chairperson, or Gautam Adani?" Watch what he said here: The integrity of SEBI, the securities regulator entrusted with safeguarding the wealth of small retail investors, has been gravely compromised by the allegations against its Chairperson. Honest investors across the country have pressing questions for the government: - Why… pic.twitter.com/vZlEl8Qb4b — Rahul Gandhi (@RahulGandhi) August 11, 2024 × He also questioned whether India's top court will look into the "very serious allegation". "In light of the new and very serious allegations that have surfaced, will the Supreme Court look into this matter suo moto once again?" 'Colonial arrogance of days bygone' Senior advocate Mahesh Jethmalani has dismissed the Hindenburg allegations as a "pathetic damp squib". "The announcement prior to its alleged big revelation itself reveals its motive: to destabilise India’s stock markets," alleged the former Rajya Sabha MP from the Bhartiya Janata Party. "This reeks of colonial arrogance of days bygone and contempt by a rich country national fortified by safe harbour, of the economic sovereignty of an emerging nation," he added. #Hindenburg’s “Something big” is a pathetic damp squib, The announcement prior to its alleged big revelation itself reveals its motive: to destabilise India’s stock markets. The pre publicity ill behoves a reputed “research analyst “. As regards the “big” something there is… https://t.co/QeKNO4gEFp — Mahesh Jethmalani (@JethmalaniM) August 11, 2024 × Also read | 'For a discredited short-seller...': Adani Group hits back over Hindenburg report Hindenburg research allegations On Saturday, US short seller Hindenburg alleged SEBI chairperson Madhabi Buch was in cahoots with Adani. "We had previously noted Adani's total confidence in continuing to operate without the risk of serious regulatory intervention, suggesting that this may be explained through Adani’s relationship with SEBI Chairperson, Madhabi Buch." "What we hadn't realised: the current SEBI Chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani," said the US firm. It said that its allegations were based on documents provided by a whistleblower and investigations carried out by other entities. SEBI urges calm, points to ‘short positions’ disclaimer in report India’s market regulator SEBI has meanwhile issued a statement on Sunday and urged investors to remain calm and conduct due diligence before reacting to the Hindenburg Research report, pointing out that it includes a disclaimer that the short-seller may hold short positions in the securities covered. “Investors should remain calm and exercise due diligence before reacting to such reports. Investors may also like to take note of the disclaimer in the report that states that readers should assume that Hindenburg Research may have short positions in the securities covered in the report,” the statement read. (With inputs from agencies)

Hindenburg report: Rahul Gandhi says SEBI integrity ‘gravely compromised’, demands accountability from PM Modi