“Investors should remain calm and conduct due diligence before reacting to such reports. Investors should also take note of the warning contained in the report, which states that readers should assume that Hindenburg Research may have short positions in the securities included in the report,” Sebi said in a statement on the Hindenburg report.
Highlighting that the regulator has adequate internal mechanisms to address issues related to conflicts of interest, Sebi said: “The Chairperson has periodically made relevant disclosures required in terms of securities holdings and their transfers. The Chairperson has also recused herself from matters involving potential conflicts of interest.”
The regulator said that of the 24 investigations into allegations made in the Hindenburg report, only one investigation is pending.
“The Hon’ble Supreme Court, in its Order dated January 3, 2024, noted that SEBI had completed twenty-two out of twenty-four investigations into the Adani group. Subsequently, one more investigation was completed in March 2024, and one remaining investigation is close to completion. During the ongoing investigation into this matter, over 100 subpoenas, around 1,100 letters and emails seeking information have been issued. In addition, over 100 communications seeking assistance from domestic/foreign regulators and external agencies have been made. In addition, over 300 documents containing around 12,000 pages have been examined,” it said. Responding to allegations that changes were made in REIT regulations to favour Blackstone, where Buch’s husband Dhaval works as an advisor, Sebi said the regulations are notified after approval by the regulator’s board and a public consultation process. “Hence, the claim that the promotion of REITs and SM REITs among various other asset classes by SEBI was only for the benefit of a large multinational financial conglomerate is inappropriate,” Sebi said.
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