Hindenburg Research, a US-based short seller, revealed receiving a “show cause” notice from India’s Securities and Exchange Board (SEBI) for suspected regulatory violations. Hindenburg claimed SEBI covertly supported the Adani Group after Hindenburg’s January 2023 report accused Adani of financial misconduct. The short seller alleged SEBI pressured brokers to maintain Adani’s stock prices by closing short positions, creating artificial buying pressure. Hindenburg also criticized SEBI for appearing to protect Adani, referencing meetings between Adani and SEBI’s chairperson.