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  "published_at": "2026-09-04T09:21:07.000Z",
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    "headline": "India Regulator Presses Ahead Against Hindenburg in Adani Case",
    "dek": "SEBI seeks to recover gains from trades benefiting from Hindenburg's Adani report.",
    "prose": "India's Securities and Exchange Board (SEBI) has started hearing representations to recover gains from trades it suspects benefited from prior knowledge of Hindenburg Research's report about the Adani Group. [^1]\n\nIn 2024, SEBI said U.S.-based Kingdon Capital Management built short positions in Adani-related stocks through a Mauritius-based fund linked to Kotak International before Hindenburg published its report. [^2]\n\nShort seller Hindenburg Research stated in its 2023 report that the Adani Group had violated securities law, triggering a selloff that wiped out $150 billion in group value. [^3]\n\nThe hearings began more than two years after the initial report was filed by Hindenburg Research. [^4]\n\nThe proceedings were delayed because the parties involved took time to respond to the regulator. [^5]\n\nReuters reported on the commencement of these hearings on September 4, 2026. [^6]",
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      "statement": "India's Securities and Exchange Board (SEBI) has started hearing representations to recover gains from trades it suspects benefited from prior knowledge of Hindenburg Research's report about the Adani Group.",
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      "statement": "In 2024, SEBI said U.S.-based Kingdon Capital Management built short positions in Adani-related stocks through a Mauritius-based fund linked to Kotak International before Hindenburg published its report.",
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      "statement": "Short seller Hindenburg Research stated in its 2023 report that the Adani Group had violated securities law, triggering a selloff that wiped out $150 billion in group value.",
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