India's SEBI Clears Adani Group of Hindenburg Allegations

India's securities market regulator, the Securities and Exchange Board of India (SEBI), has cleared the Adani Group and its founder Gautam Adani of allegations made by the US-based short-seller Hindenburg Research, which accused them of stock manipulation, accounting fraud, and using offshore tax havens to inflate share prices. SEBI's final order found no evidence to support these claims, stating that allegations of fund routing through related parties and other improprieties could not be established. Consequently, SEBI imposed no penalties or liabilities on Adani Ports & Special Economic Zone Ltd., Adani Power Ltd., Adani Enterprises Ltd., or the individuals involved, including Gautam and Rajesh Adani. The Hindenburg report had caused significant investor concern and a sharp decline in Adani Group stocks ahead of a major public offer, but the group had consistently denied the allegations as baseless and motivated by vested interests. SEBI's decision effectively exonerates the Adani Group, bringing closure to the case and restoring some investor confidence. This outcome is seen as a significant development in the ongoing scrutiny of India's largest conglomerate.