Business
Sebi Gives Clean Chit To Adani Group, Dismisses Hindenburg’s Manipulation Allegations
Last Updated:
Sebi in its order says the ‘allegations made against Noticees in the show-cause notice are not established’.
Hindenburg Research became widely known in India in early 2023 after publishing a controversial report targeting the Adani Group, accusing it of being involved in “the largest con in corporate history”.
In a major development, the Securities & Exchange Board of India (Sebi) on Thursday gave a clean chit to Adani group, dismissing allegations of stock manipulation made by US short-seller Hindenburg Research against Gautam Adani and his group companies, including Adani Ports and Adani Power.
“Having considered the matter holistically, I find that the allegations made against Noticees in the SCN (show-cause notice) are not established. Considering the above, the question of devolvement of any liability on Noticees does not arise and hence the question of determination of quantum of penalty also does not require any deliberation. I, therefore, in exercise of the powers conferred upon me under section 19 of the SEBI Act, 1992 read with sub-sections (1) and (4) of section 11, subsection (4A) of section 11 and sub-sections (1) and (2) of section 11B (1) of the SEBI Act, 1992, hereby dispose of the instant proceedings against Noticees without any direction,” Kamlesh C Varshney, whole-time member of Sebi, said in his two separate similarly worded orders on proceedings against the Adani group entities.
The capital market regulator had been examining allegations raised by US short seller Hindenburg Research that Adani Enterprises and Adani Power Mundra (since merged with Adani Power Ltd) received funding routed through Milestone Tradelinks and Rehvar Infrastructure via Adani Infra (India) in FY21. Hindenburg had questioned the original source of funds of these two entities.
In its order, SEBI said it conducted a detailed probe to check for any possible misrepresentation in financial statements, or attempts to bypass provisions of the SEBI Act, 1992, the Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015, and the PFUTP Regulations, 2003, among others.
Now-disbanded Hindenburg Research became widely known in India in early 2023 after publishing a controversial report targeting the Adani Group, accusing it of being involved in “the largest con in corporate history”. The report, which alleged stock manipulation by the conglomerate, led to a sharp decline in the Adani Group’s market value.
Despite the serious nature of the allegations, Adani and his companies have consistently denied all charges.
The group later recovered most of the losses, as the accusations were not substantiated.
In January 2025, Hinderberg founder Nate Anderson announced the decision to disband Hindenburg Research, stating that the firm’s operations would wind down after completing its pipeline of investigative reports.
Beyond the Adani Group, Hindenburg Research also targeted former India’s markets regulator Madhavi Puri Buch and her husband in previous reports.
September 18, 2025, 18:15 IST
Read More
High home prices, stubbornly high mortgage rates and now less supply are all weighing on potential homebuyers.
Sales of previously owned homes rose just 0.5% in November from October and were 1% lower than November 2024, according to the National Association of Realtors. Sales came in at an annualized rate of 4.13 million units.
This count is based on closings, so it reflects contracts likely signed in September and October, when mortgage rates initially came down slightly but then stayed in a tight range.
Supply, which had been gaining for much of this year, fell in November. There were 1.43 million homes for sale at the end of the month, down 5.9% from October but up 7.5% year over year, according to the association. At the current sales pace, that represents a 4.2-month supply. A six-month supply is considered balanced between buyer and seller.
“Inventory growth is beginning to stall,” Lawrence Yun, chief economist for the Realtors, said in a release. “With distressed property sales at historic lows and housing wealth at an all-time high, homeowners are in no rush to list their properties during the winter months.”
Sellers who were on the market also began to delist their properties at a higher rate than usual. Sellers often take unsold homes off the market heading into winter, but that dynamic was much stronger this year.
And that is keeping pressure on home prices. The median price of a home sold in November was $409,200, an increase of 1.2% from November 2024, and the highest November reading on record. The Realtors use a median measurement, which can skew to what end of the market is selling most. The high end is currently doing much better than the low end. Sales of homes priced in the $100,000 to $250,000 range were down nearly 8% from a year ago, while homes priced at more than $1 million were up 1.4%.
“Wage growth is outpacing home price gains, which improves housing affordability. Still, future affordability could be hampered if housing supply fails to keep pace with demand,” Yun said.
Homes are staying on the market longer, at 36 days compared with 32 days last November. First-time homebuyers made up 30% of sales, unchanged from a year ago, but historically they make up about 40%. Investors stepped back into the market, making up 18% of transactions, up from 13% in November 2024.
Business
US monetary policy: Fed’s official sees no urgency for further rate cuts, flags distorted inflation data – The Times of India
A senior US Federal Reserve official has said there is no immediate need to cut interest rates further, cautioning that recent inflation data may have been distorted due to disruptions in data collection during the federal government shutdown, AFP reported.Speaking to CNBC on Friday, New York Federal Reserve President John Williams said inflation readings for recent months were likely affected because government agencies were unable to collect price data in October and the first half of November amid the record-long shutdown.“Because of that, I think the data were distorted in some of the categories, and that pushed down the consumer price index reading probably by a tenth or so,” Williams said, adding that it was difficult to precisely quantify the impact.He said inflation data for December could provide a clearer picture of the extent of the distortion.Williams’ remarks followed the release of a delayed US consumer price index report earlier this week, which showed inflation easing to 2.7 per cent in November from 3 per cent in September. Several economists had warned that the figures may not fully reflect underlying price pressures.Some analysts pointed out that a higher share of price quotes may have been collected during the Black Friday discount period, potentially biasing the data downward — a concern Williams echoed.Asked how the latest data influenced his outlook on interest rates, Williams said the Fed’s policy stance was appropriate for now.“I don’t personally have a sense of urgency to need to act further on monetary policy right now,” he said, adding that the rate cuts already delivered had positioned policymakers well.The Federal Reserve has cut interest rates three times this year as the labour market weakened, but has signalled a higher threshold for additional easing. The central bank’s next policy meeting is scheduled for late January.
Young people will be hit hardest by successive governments’ failure to focus on financial and societal challenges caused by an ageing population, a House of Lords report has suggested.
They will need to plan and prepare to work longer and save more from a much earlier age, the economic affairs committee said.
The report also found that the crisis in adult social care “remains a scandal” which needs to be addressed urgently.
Committee chair Lord Wood of Anfield told the BBC it was a “struggle to find where in government” there was a focus on ageing and the “transformational effects” it was going to have on people.
“Ageing is something that we’re just watching happening”, he told BBC Radio 4’s Today programme, adding: “We know that adaptation is the way forward”.
Policies governments have used to address the impact of declining fertility and rising life expectancy in the UK – raising the state pension age or increasing immigration for example – were not adequate solutions on their own, the report said.
Getting more people in their 50s and 60s to stay in or return to work “is key”, the committee said, and the government must prioritise incentives to do so.
It found that while age discrimination may reduce the number of over 50s working, it heard evidence that its most damaging form may be self-directed, with older workers mistaken about the extent they faced and then limiting their own decisions.
It also said an ageing population will need more care workers, leaving fewer workers for other parts of the economy.
There is “widespread ignorance” of how much it costs to retire, it said, and the government should consider an education campaign – as well as finding out if the UK’s financial services sector is equipped to provide for the population as it ages.
Lord Wood said that the government and financial services industry needs to devise “more innovative ways of getting younger people to think about lives frankly they can’t conceive of at the moment – when they’re in their eighties and early nineties.”
“There’s a long time for them to be financially planning for at a time when we know young people are doing less financial planning,” he added.
“Raising the state pension age, which saves the government money, but increases pensioner poverty as many people have already stopped working by their sixties, is a red herring.
“To successfully confront this challenge, the approach to financial management of today’s and tomorrow’s young people will need to change.”
King Charles teaches important lesson to emerging leaders
Vanderbilt coach addresses Diego Pavia’s Heisman controversy: ‘Sent the wrong message’
November home sales struggle as supply stalls
-
Business6 days agoHitting The ‘High Notes’ In Ties: Nepal Set To Lift Ban On Indian Bills Above ₹100
-
Politics1 week agoTrump launches gold card programme for expedited visas with a $1m price tag
-
Sports1 week agoPolice detain Michigan head football coach Sherrone Moore after firing, salacious details emerge: report
-
Fashion1 week agoTommy Hilfiger appoints Sergio Pérez as global menswear ambassador
-
Sports1 week agoU.S. House passes bill to combat stadium drones
-
Business1 week agoCoca-Cola taps COO Henrique Braun to replace James Quincey as CEO in 2026
-
Fashion1 week agoBrunello Cucinelli lifts 2025 revenue growth forecast to up to 12%
-
Tech6 days agoFor the First Time, AI Analyzes Language as Well as a Human Expert