Securities and Exchange Board of India (File Photo)
\n\nIndia's market regulator has moved forward with enforcement proceedings linked to trades allegedly executed using advance knowledge of Hindenburg Research's 2023 report on the Adani Group, with personal hearings now underway, according to a Reuters report citing people familiar with the matter. The Securities and Exchange Board of India (SEBI) is seeking to recover gains that it believes were generated through trades involving Adani-linked securities before the US short seller published its report.
\n\nThe proceedings come more than two years after the trades in question and involve parties located outside India.
\n\nSEBI's action centres on allegations that the transactions were carried out using information that was not publicly available at the time. As per the report, the regulator maintains that such trading breached rules designed to prevent fraudulent activity in securities markets.
\n\nKingdon’s Adani Short Positions Under SEBI Lens
\n\nSEBI had disclosed in 2024 that US-based Kingdon Capital Management established short positions in Adani-related securities through K India Opportunities Fund Class F, a Mauritius-based vehicle associated with Kotak International.
\n\nA short position involves borrowing shares and selling them, with the trader later seeking to repurchase those securities at a lower price. The…
Original source: https://www.timesnownews.com/business-economy
