Hindenburg Research has dismissed as 'nonsense' a show-cause notice from the Securities and Exchange Board of India (SEBI) alleging that it, along with entities like Kotak Mahindra Bank and Kingdon Capital Management, colluded to short Adani Group shares using non-public information. Hindenburg claims SEBI's notice is an attempt to silence those exposing corruption and fraud, and criticized SEBI for failing to name Kotak Mahindra Bank, which allegedly helped set up the offshore fund structure used for the trades. SEBI's investigation found that these positions were established ahead of Hindenburg's critical report on Adani, leading to a significant market value drop. Hindenburg maintains that it earned only a modest profit from the trades and has labeled SEBI's actions as protecting powerful individuals. Kotak Mahindra Bank has denied awareness of any relationship between its investors and Hindenburg. Meanwhile, SEBI's probe into Adani continues, with a deadline set by India’s Supreme Court for August 14 to complete the investigation.