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NDTV reports:

US short-seller Hindenburg Research, whose report critical of the Adani Group led to a massive stock rout last year, had shared an advanced copy with a client two months before publishing it, said the Indian markets regulator. This “collusion” led to “unfair” profits from a deal to share spoils from stock price movements, the Security Exchange Board of India (SEBI) said in a 46-page show cause notice to Hindenburg.

The notice details how New York-based hedge fund manager Mark Kingdon and a broker tied to Kotak Mahindra Bank profited from the $150 billion rout in the market value of 10 listed firms of Adani Group after the report was published.

The report used “non-public” and “misleading” information to induce “panic selling” in Adani Group stocks, SEBI charged.

In response, Hindenburg described the show-cause notice as an attempt to “silence and intimidate those who expose corruption and fraud perpetrated by the most powerful individuals in India.”

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