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In its latest report, US-based investor activist firm Hindenburg, lashed out at market regulator <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="261" meta.entityid="SEBI">SEBI</keyword> chief <keyword id="19922107" type="General" weightage="20" keywordseo="Madhabi-Puri-Buch" source="keywords">Madhabi Puri Buch</keyword>, alleging her and her husband, <keyword id="22743439" type="General" weightage="20" keywordseo="Dhaval-Buch" source="keywords">Dhaval Buch</keyword> of having stakes in the same offshore funds which had previously been utilised by Gautam Adani's brother, <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword>. Earlier last year, Hindenburg had come out with a report, arguing that the research firm had identified multiple instances where they had found that Adani Group was complicit in stock manipulation, and accounting frauds. The report mentioned around 38 Mauritius based shell entities which were directly controlled by Vinod Adani, or his associates, in addition to other suspected entities under his control, which were based out of Cyprus, the UAE, Singapore and Caribbean islands. It had also alleged that SEBI's distinct lack of regulatory action against the conglomerate, despite overwhelming evidence provided by them was disappointing. Now, in its latest report, it notes that "SEBI’s unwillingness to take meaningful action against suspect offshore shareholders in the Adani Group may stem from Chairperson Madhabi Buch’s complicity in using the exact same funds used by Vinod Adani, brother of Gautam Adani". We decode all that you need to know about the <keyword id="22758620" type="General" weightage="100" keywordseo="Adani-Hindenburg-saga" source="keywords">Adani-Hindenburg saga</keyword>. <h2>What is Buch being accused of?</h2>Three major things, really. First, quoting various whistleblower documents, Hindenburg alleged that during her tenure as a whole-time member at SEBI between 2017 and 2022, Buch maintained a 100% stake in Singapore-based Agora Partners. Two weeks post her appointment as SEBI's chairperson in March 2022, Buch privately emailed the fund, asking them to transfer all her share's to her husband's name. Second, during her tenure, Madhabi's husband, Dhawal Buch had been appointed as senior advisor at <keyword id="20144468" type="General" weightage="20" keywordseo="Blackstone" source="keywords" meta.keywordsubtype="org" meta.entityname="Blackstone" meta.hostid="261" meta.entityid="Blackstone">Blackstone</keyword>, a prominent global name in real estate and private equity. To this date, he maintains this position. Blackstone has, till date, sponsored three <keyword id="20186402" type="General" weightage="20" keywordseo="REITs" source="keywords">REITs</keyword> in India, including Embassy Office Parks REIT, Mindspace REIT, and Nexus Select Trust. As such, this results in a massive conflict of interest. The <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="261" meta.entityid="Hindenburg Research">Hindenburg research</keyword> alleges that during Buch significantly altered regulations, in order to favor investments in REITs (real estate investment trusts). As the short seller noted, "Buch touted REITs as her favorite products for the future, and urged investors to look positively upon the asset class". But, as the firm highlights, she did not explicitly ever mention that her husband is associated with Blackstone, a company which stands to gain significantly from such investments. Thirdly, as Hindenburg research explains, Madhabi currently holds a 99% stake in Agora Advisory, an India-based consulting firm where her husband also serves as a director. Per reports, at the end of FY22, the firm's revenue stood at Rs 19.8 million, which is about 5 times her disclosed salary as a whole-time SEBI member. <h2>How has Buch retorted to each of these allegations? </h2>On first, Buch notes that investment in the fund cited by Hindenburg in its research had been made in 2015, when she held no public position of note, and was 2 years away from joining SEBI as a whole-time member. Moreover, the decision to invest in this fund was largely because Anil Ahuja, who was the erstwhile chief investing officer (CEO) of the fund, was a childhood friend of Dhaval Buch, apart from having a long career in investing, having worked with Citibank and JP Morgan. During this time, the fund did not invest in any bonds or shares issued by companies of Adani Group. On second, Buch made it clear that Dhaval was hired by Blackstone on account of his deep expertise in supply chain management. Once this happened, Blackstone was immediately added to Madhabi's recusal list. Additionally, regulatory decisions are not solely taken by the chairperson, but come into existence after intense public discussion. And thirdly, both Agora Advisory in India, and Agora Partners in Singapore were made dormant after Buch was appointed as SEBI chairperson. Per the joint statement issued by the Buchs, "These companies (and her shareholding in them) were explicitly part of her disclosures to SEBI." <h2>What kind of financial impact are we estimating? </h2>Stocks of Adani companies found themselves swimming in red today. Adani Ports dipped by 1.78%, while Adani Enterprises and ACC fell by over 1% each during trade today. Adani Total Gas plunged by over 3%, while Adani Wilmar also sunk by over 2%. With the shares cumulatively experiencing over 7% fall, estimates suggest that over Rs 53,000 crore worth of investor wealth was wiped off today. The news does not bode well for India's mutual fund companies, who have a total of Rs 41,814 crore on Adani companies. As for REITs, data from IRA (Indian REITs Association) suggests that there are, at present, four listed REITs on the Indian stock exchanges, collectively managing assets worth over ₹1,40,000 crores and serving more than 240,000 unitholders. "These REITs have distributed over ₹18,000 crores, with the market capitalization of this rapidly growing asset class reaching approximately ₹80,000 crores", the association notes. As the research firm disclosed, it made Rs 34 crores shorting (borrowing a stock who's value you anticipate will fall, and then sell it in markets to earn profits). According to media reports, about 111 mutual fund schemes have invested around Rs 14,000 crore in Adani Ports and SEZ. How has Hindenburg doubled down? In a fresh salvo, Hindenburg notes that this admission confirms that Madhabi and Dhaval Buch had indeed, "invested in an obscure Bermuda/Mauritius fund structure, alongside money allegedly siphoned by Vinod Adani, the brother of Gautam Adani". "She also confirmed the fund was run by a childhood friend of her husband, who at the time was an Adani director. SEBI was tasked with investigating investment funds relating to the Adani matter, which would include funds Mrs. Buch was personally invested in, and funds by the same sponsor which were specifically highlighted in our original report. This is obviously a massive conflict of interest," the firm said. Another accusation that has gone the SEBI chairperson's way is that even while she was serving as SEBI chief, Buch continued to earn revenues from her active consulting firms, and also making deals under her husband's name all the while she served as SEBI's whole-time member. <h2>What's next? </h2>Taking note of Hindenburg's report, SEBI released a statement asking investors to "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", it said. "The allegations made by Hindenburg Research, against the Adani Group, have been duly investigated by SEBI. Hon’ble Supreme Court in its Order of January 3, 2024 noted that SEBI had completed twenty–two out of twenty–four investigations into the Adani group. Subsequently, one more investigation was completed in March 2024, and one remaining investigation is close to completion. During the ongoing investigation in this matter, more than 100 summons, around 1,100 letters and emails have been issued to seek information", it continued.

Adani Hindenburg case: All your questions answered

Following statements made by <keyword id="198572" type="General" weightage="20" keywordseo="Madhabi-Puri-Buch" source="Orion">Madhabi Puri Buch</keyword> and her husband <keyword id="192394" type="General" weightage="20" keywordseo="Dhaval-Buch" source="Orion">Dhaval Buch</keyword>, concerning allegations raised by <keyword id="9916845" type="General" weightage="20" keywordseo="Hindenburg-Research" source="Orion">Hindenburg Research</keyword> on August 10, the US short seller has posed new questions for the <keyword id="20914154" type="General" weightage="20" keywordseo="SEBI-Chairperson" source="keywords">SEBI Chairperson</keyword> alleging that her response contained several significant admissions and raised critical new questions. In a social media post on 'X', the US short seller stated that "<keyword id="35210" type="General" weightage="20" keywordseo="SEBI" source="Orion">SEBI</keyword> Chairperson <keyword id="19557079" type="General" weightage="20" keywordseo="Madhabi-Buch" source="Orion">Madhabi Buch</keyword>'s response to our report includes several important admissions and raises numerous new critical questions." Further the post said that the <keyword id="84055" type="General" weightage="20" keywordseo="SEBI-chief" source="Orion">SEBI chief</keyword>'s response confirms her investment in an obscure Bermuda/Mauritius fund structure, alongside money allegedly siphoned by Vinod Adani. "SEBI was tasked with investigating investment funds relating to the Admatter, which would include funds Ms Buch was personally invested in and funds by the same sponsor which were specifically highlighted in our original report. This is obviously a massive conflict of interest," <keyword id="191733" type="General" weightage="100" keywordseo="Hindenburg" source="Orion">Hindenburg</keyword> alleged. The US short seller also raised concerns about the financial statements of SEBI Chief's Singapore consulting entities during her tenure at SEBI. "The Singaporean consulting entity she set up doesn't publicly report its financials like revenue or profit, so it's impossible to see how much money this entity has earned during her time at SEBI. The Indian entity, still 99 per cent owned by the SEBI Chairperson, has generated Rs 23.985 million (US ~ USD 312,000) in revenue (i.e. consulting) during the financial years ('22, '23, and '24), while she was serving as Chairperson, per its financial statements," said Hindenburg. Hindenburg also alleged that <keyword id="22754143" type="General" weightage="20" keywordseo="whistleblower-documents" source="Orion">whistleblower documents</keyword> have revealed that Buch used her personal email to conduct business under her husband's name while serving as a whole-time member of SEBI. In 2017, just weeks before her appointment, she ensured that accounts with ties to Adani were registered solely in the name of her husband, Dhaval Buch. Earlier, the SEBI Chairperson and her husband had said that the investment in the fund referred to in the Hindenurg report was made before she had taken up the job. The statement said, "The investment in the fund referred to in the Hindenburg report was made in 2015 when they were both private citizens living in Singapore and almost 2 years before Madhabi joined SEBI, even as a Whole Time Member. " "The decision to invest in this fund was because the Chief Investment Officer, Anil Ahuja, is Dhaval's childhood friend from school and IIT Delhi and, being an ex-employee of Citibank, J.P. Morgan and 3i Group plc, had many decades of a strong investing career. The fact that these were the drivers of the investment decision is borne out by the fact that when, in 2018, Ahuja, left his position as CIO of the fund, we redeemed the investment in that fund," the statement further reads."As confirmed by Anil Ahuja, at no point in time did the fund invest in any bond, equity, or derivative of any Adani group company," the statement had added. On Saturday, the US-based firm alleged that SEBI's Chairperson Madhabi Buch and her husband had a stake in "both the obscure offshore entities used in the Adani money siphoning scandal" In January 2023, Hindenburg published a report accusing the Adani Group of financial irregularities, leading to a significant drop in the company's stock price. The group at the time had rubbished these claims. In January 2024, the Supreme Court refused to transfer the probe into the allegations of stock price manipulation by the Adani group to an SIT and directed market regulator SEBI to complete its probe into two pending cases within three months. Earlier this year the SC also dismissed a plea seeking to review the verdict that had sought investigation by the market watchdog SEBI in the <keyword id="16435872" type="General" weightage="20" keywordseo="Adani-Hindenburg-case" source="Orion">Adani-Hindenburg case</keyword>.

Hindenburg poses new questions for SEBI Chairperson after she denies allegations

New Delhi: <keyword id="21114628" type="General" weightage="20" keywordseo="Swiss-authorities" source="keywords" meta.keywordsubtype="org" meta.entityname="Swiss authorities" meta.hostid="153" meta.entityid="Swiss authorities">Swiss authorities</keyword> have frozen more than USD 310 million in funds across multiple Swiss bank accounts as part of <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword> allegations into <keyword id="19955648" type="General" weightage="100" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="153" meta.entityid="Adani Group">Adani Group</keyword>, US-based short seller Hindenburg Research claimed citing media report - a charge that the conglomerate vehemently denied. In a post on X, Hindenburg cited "newly released Swiss criminal records reported by Swiss media outlet" to state that "Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani, dating back as early as 2021." "Prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius &amp; Bermuda funds that almost exclusively owned Adani stocks," it said citing the report. Adani group rejected the allegations as baseless saying it had no involvement in any Swiss court proceedings. "We unequivocally reject and deny the baseless allegations presented. The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority," it said. It went on to state that "even in the alleged order, the Swiss court has neither mentioned our group companies, nor have we received any requests for clarification or information from any such authority or regulatory body. We reiterate that our overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws." The allegations, it said, "are clearly preposterous, irrational, and absurd. We have no hesitation in stating that this is yet another orchestrated and egregious attempt by the same cohorts acting in unison to inflict irreversible damage on our group's reputation and market value." "The Adani Group remains steadfastly committed to transparency and compliance with all legal and regulatory requirements," it said, adding it "strongly condemns" the allegations. The Swiss media outlet Gotham City in its report stated that "A ruling by the Federal Criminal Court (FCC) reveals that the Geneva Public Prosecutor's Office was investigating alleged wrongdoing by the Indian conglomerate Adani well before activist investors from Hindenburg Research made the first accusations." "More than USD 310 million belonging to an alleged front man for billionaire <keyword id="19929098" type="General" weightage="20" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword> is sequestered in five Swiss banks," it said adding the Office of the Attorney General of Switzerland (OAG) took over the investigation after the case was revealed in the media. Hindenburg, which had in January last year alleged stock market manipulation and fraud, claimed that criminal court records show in detail how an Adani frontman invested in opaque BVI/Mauritius and Bermuda funds that almost exclusively owned Adani stock. Adani Group had denied all allegations Hindenburg made in its January 2023 report.

Swiss authorities freeze $310 mn allegedly linked to front man of Adani group, Adani Group rejects allegations

The allegations of the US Short seller Hindenburg against <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords">SEBI</keyword> Chairperson <keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword> and her husband have drawn sharp political reactions from the opposition parties. Reacting to the Hindenburg report, Samajwadi Party spokesperson Ghanshyam Tiwari on Sunday lashed out at the Modi government and said that the tenure of PM Modi will be known for 'Adani-waad'. "The whole world witnessed a different session with different ideologies but the term of PM Modi will be known as 'Adani-waad'. In this Adani-waad, they captured the whole economic system of India in such a way that Gautam Ad(<keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="83" meta.entityid="Adani Group">Adani Group</keyword>) could benefit, it looks like this is the only motive of PM Modi," he said. Referring to the Hindenburg Report alleging SEBI chief Madhabi Buch and her husband's stakes in "both the obscure offshore entities used in the Adani money siphoning scandal", Tiwari stated, "Hindenburg's report regarding the SEBI chief has triggered the integrity of the market regulator. Hindenburg alleged that SEBI is not investigating properly. Questions are being raised on the Adani Group continuously by the opposition. Anybody with a basic investigation can simply question how the Adani Group with different allegations of corruption, whether it is a coal scam or power, through the medium of offshoring, invested in the share markets. SEBI whose duty was to investigate and find out the criminals was deviating from the core issues." Aam Aadmi Party MP Sanjay Singh alleged that the Modi government is steeped in corruption and is trying to save "their friend Adani". Taking it to a social media post on X, Sanjay Singh wrote, "The Hindenburg revelations were hinted at 3 days before Modi ended the Parliament session. Modi Government is steeped in corruption from head to toe. To save his friend Adani, Modi Ji got the investigation done by the same SEBI Chairman who had committed the scam in connivance with Adani. SC should reconsider its decision." <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="83" meta.entityid="Congress">Congress</keyword> MP Manish Tewari said that a JPC must be constituted to go into the entire Hindenburg saga. "There are certain revelations by the <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="83" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> which have been put out in the public space. They require closer scrutiny...There seems to be some semblance of an alleged conflict of interest and so therefore under those circumstances there has been a demand in the public space for a while that the entire Hindenburg saga needs to be investigated properly by a <keyword id="21964200" type="General" weightage="20" keywordseo="Joint-Parliamentary-Committee" source="keywords" meta.keywordsubtype="org" meta.entityname="Joint Parliamentary Committee" meta.hostid="83" meta.entityid="Joint Parliamentary Committee">joint parliamentary committee</keyword>. It would be in the fitness of things if a joint parliamentary committee is constituted to go into all these issues at length," he said. Earlier in the day, shortly after US-based short seller Hindenburg Research on August 10 alleged that SEBI Chairperson Madhabi Buch and her husband had stakes in "both the obscure offshore entities used in the Adani money siphoning scandal," the SEBI Chairperson and her husband issued a joint statement rejecting the allegations. Madhabi Puri Buch and her husband accused Hindenburg Research, against whom SEBI has taken enforcement action, of character assassination. In the joint statement released to the media they said, "Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. It is unfortunate that Hindenburg Research against whom SEBI has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same." Earlier on Saturday, US short seller Hindenburg had alleged, "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 realized: 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," the report by the US hedge firm said. Hindenburg Research said it has made the new allegations based on documents provided by a whistleblower and investigations carried out by other entities. In January 2023, Hindenburg published a report accusing the Adani Group of financial irregularities, leading to a significant drop in the company's stock price. The group at the time had rubbished these claims. The Hindenburg report alleged stock manipulation and fraud by the conglomerate. The case is related to the allegations (part of a report by Hindenburg Research) that Adani had inflated its share prices. After these allegations were published, there was a sharp fall in the shares of various Adani group companies' stocks. In January 2024, the Supreme Court refused to transfer the probe into the allegations of stock price manipulation by the Adani group to an SIT and had directed market regulator SEBI to complete its probe into two pending cases within three months. Earlier this year, the SC also dismissed a plea seeking to review the verdict that had sought investigation by the market watchdog SEBI in the Adani-Hindenburg case.

Integrity of SEBI questioned, JPC probe into Hindenburg a must: INDIA bloc targets govt on Hindenburg allegations

US-based firm <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="261" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> on August 10 alleged that SEBI's Chairperson <keyword id="22743118" type="General" weightage="20" keywordseo="madhabi-buch" source="keywords">Madhabi Buch</keyword> and her husband had a stake in "both the obscure offshore entities used in the Admoney siphoning scandal." After putting out a teaser this morning, hinting at a significant disclosure involving India, Hindenburg by the end of the day published a new report that stated, "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 <keyword id="20914154" type="General" weightage="100" keywordseo="SEBI-Chairperson" source="keywords">SEBI Chairperson</keyword>, Madhabi Buch." "What we hadn't realized: 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," the report by the US hedge firm said. The link to the entire report was posted on the 'X' account of Hindenburg Research. "New from us," read the tweet adding "<keyword id="22746637" type="General" weightage="20" keywordseo="whistleblower-documents" source="keywords">Whistleblower Documents</keyword> Reveal SEBI's Chairperson Had Stake In Obscure Offshore Entities Used In Adani <keyword id="22743230" type="General" weightage="20" keywordseo="money-siphoning" source="keywords">Money Siphoning</keyword> Scandal" Hindenburg Research said it has made the new allegations based on documents provided by a whistleblower and investigations carried out by other entities. "Madhabi Buch and her husband Dhaval Buch first appear to have opened their account with IPE Plus Fund 1 on June 5, 2015, in Singapore, per whistleblower documents. A declaration of funds, signed by a principal at IIFL states that the source of the investment is "salary" and the couple's net worth is estimated at USD 10 million," the report stated. In January 2023, Hindenburg published a report accusing the Adani Group of <keyword id="20054376" type="General" weightage="20" keywordseo="financial-irregularities" source="keywords">financial irregularities</keyword>, leading to a significant drop in the company's stock price. The group at the time had rubbished these claims. The Hindenburg report alleged <keyword id="20055139" type="General" weightage="20" keywordseo="stock-manipulation" source="keywords">stock manipulation</keyword> and fraud by the conglomerate. The case is related to the allegations (part of a report by Hindenburg Research) that Adani had inflated its share prices. After these allegations were published, there was a sharp fall in the shares of various Adani group companies stocks, reportedly to the tune of over USD 100 billion. The US short seller's 2023 January report was published two days before a USD 2.5 billion follow-up public offering was issued by Adani Enterprises. The Adani group has repeatedly denied all the accusations in the Hindenburg Research report.

Hindenburg alleges SEBI Chairperson, her husband had hidden stakes in obscure offshore funds with links to Adani scandal

New Delhi [India], November 24 (ANI): Hearing the Adani-Hindenburg matter, the <keyword id="6354977" type="General" weightage="50" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> on Friday remarked that it is easy to make allegations against anyone and opined the petitioners to show some responsibility while levelling charges against any party. A bench of Chief Justice of India DY Chandrachud, also comprising justices JB Pardiwala and Manoj Misra passed the remarks when one of the petitioners raised questions over members of the expert committee. Advocate Prashant Bhushan, appearing for one of the petitioners, told the court about one of the members of the expert committee Somashekhar Sundaresan, noting that he has been a lawyer representing Adin various forums including in the SEBI Board. CJI DY Chandrachud raised an objection to the petitioner's submission and remarked that if one goes with the theory that a lawyer who appeared 17 years ago can now not be appointed to the committee and like this, no lawyer who has appeared for an accused should become a High Court judge. CJI DY Chandrachud remarked that he is not an in-house counsel he was a lawyer and he appeared in 2006 and this conflict arose 17 years later. There has to be some responsibility for the allegations being levelled, SC remarked. During the hearing, the court also remarked that it is easy to make allegations and one must be also very careful. "We are not giving a character certificate to anyone," SC noted. When the hearing commenced today, Solicitor General Tushar Mehta told the top court that SEBI is not seeking an extension of further investigation matters relating to the Hindenburg report. Out of 24 cases in the Adani-Hindenburg matter, investigations in 22 cases are over For the remaining two cases, they need information from foreign regulators and others and they have been in consultation with them, SG Mehta informed the court. The court then said that it had intervened in the matter due to the extreme volatility of the stock market and sought to know what is SEBI planning to do for such kind of volatility and planning to protect investors in cases like short selling. SG Tushar Mehta took the court through the recommendations of the Expert Committee which SEBI has agreed with in principle. Advocate Prashant Bhushan, appearing for the petitioner, told the SC that there were many factual revelations in the Hindenburg report. He raised doubts about SEBI's role in the matter and says a lot of information was available to it in 2014. Bhushan informed the SC about a letter written in 2014 by the Directorate of Revenue Intelligence regarding substantial money siphoned to Mauritius. SG Mehta questioned Bhushan over this and said that DRI concluded the proceedings in 2017. The court remarked that to advocate Bhushan, appearing for the petitioner, it is easy to make allegations and one must be also very careful. SG Tushar Mehta urged the top court to stop these kinds of allegations. The court remarked that SEBI, a statutory body looks into stock market frauds. SG Tushar Mehta said that there is a growing tendency to plant stories outside India to influence decisions within India. After hearing the matter in length, the court reserved the order on various aspects related to the issue. Earlier, the <keyword id="6355630" type="General" weightage="50" keywordseo="securities-and-exchange-board-of-india" source="Orion">Securities and Exchange Board of India</keyword> (SEBI) filed a status report before the Supreme Court apprising it that out of 24 investigations arising out of the Hindenburg report, 22 are final in nature and 2 are interim in nature. The investigation was carried out in compliance with the directions of the top court's order dated March 2, 2023, SEBI has investigated 24 matters. In the mid of May, the top court gave three months more time to the Securities and Exchange Board of India (SEBI) to conduct a probe into the Hindenburg report SEBI was granted time till 14th August 2023 to conduct the probe. On March 2, the <keyword id="6356229" type="General" weightage="80" keywordseo="apex-court" source="Orion">apex court</keyword> directed the capital market regulator SEBI to investigate any violations of securities law by the <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword> in the wake of the Hindenburg report, which led to a massive wipeout of more than USD140 billion of the Adani Group's market value. Supreme Court, on March 2, set up an expert committee on the issue arising from the <keyword id="9916845" type="General" weightage="50" keywordseo="hindenburg-research" source="Orion">Hindenburg Research</keyword> report on Adani Group companies. The committee will consist of six members, headed by former apex court judge Justice AM Sapre. The top court had then asked SEBI to file a status report within two months. The apex court was then hearing petitions pertaining to the Hindenburg report, including the constitution of a committee relating to regulatory mechanisms to protect investors' interests. The January 24 Hindenburg report alleged stock manipulation and fraud by the conglomerate. The Adani Group has attacked Hindenburg as "an unethical short seller", stating that the report by the New York-based entity was "nothing but a lie". A short-seller in the securities market books gains from the subsequent reduction in the prices of shares. (ANI)

Adani-Hindenburg case: Easy to make allegations, can't take unsubstantiated ones, remarks SC

<ul><li>The Supreme Court said that facts of the case do not warrant transfer of probe to Special Investigation Team (SIT) or any other agency.</li><li>It also directed SEBI to complete the probe within three months in the remaining two cases.</li><li>All the Adani group stocks gained in morning trade, even as the broader market was in the red.</li></ul>Adani group stocks zoomed in early trade, beating the blues in the broader market. The Supreme Court verdict expected in the case was the trigger behind the boost. In its verdict in the Adani-Hindenburg row, the Apex Court said on Wednesday, that the facts of the case do not warrant transfer of probe to Special Investigation Team (SIT) or any other agency. It also directed markets regulator SEBI to complete the probe within three months in the remaining two cases. A bench of Chief Justice DY Chandrachud and comprising Justices JB Pardiwala and Manoj Misra, had reserved its verdict in the case in November 2023. Adani Energy moves fastest Among the ten listed entities, Adani Energy Solutions moved the fastest in morning trade, gaining as much as 9% as of 11:30 am. The stock was also the top gainer on the Bombay Stock Exchange. “The Supreme Court judgement on the Adani- Hindenburg issue expected this morning will have a sentimental impact on the <keyword id="645971" type="General" weightage="20" keywordseo="adani-stocks" source="Orion">Adani stocks</keyword> in particular and the overall market in general,” said Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services. All the other group stocks were in the green, with a good showing by Adani Total Gas and NDTV. The benchmark indices however have been taking a beating this new year, with heavy profit booking. In the morning trade, benchmark indices fell by 0.4%, with BSE Sensex losing over 300 points and Nifty shedding 92 points. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Enterprises </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Energy Solutions </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Green </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Total Gas </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9.8% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Ports &amp; SEZ </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Power </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Wilmar </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ACC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ambuja </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NDTV </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.6% </td></tr></tbody><tbody></tbody></table>Source: BSE Multiple cases were filed in the Apex Court last year after the US based research firm's Hindenburg Research released a report alleging <keyword id="111343" type="General" weightage="20" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword> led Adani Group of stock manipulation, accounting fraud and more. All the public interest litigations (PILs) were combined into one case and were heard by the SC bench. The court had constituted a committee of six members to investigate and submit a report on the matter. It also asked the markets regulator SEBI to probe the matter. The Hindenburg report also alleged that the Adani group failed to disclose transactions with related parties and other relevant information concerning related parties in contravention of the regulations framed by the SEBI, and violated other provisions of securities laws, causing the group considerable financial damage.

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