Hindenburg Research responded to the Securities and Exchange Board of India's (SEBI) show cause notice, which mentioned "suspected violations of Indian regulations".
In its blog post, Hindenburg Research stated that it received a "bizarre email" on June 27, which it only realised was from the official SEBI email after a follow-up email titled 'Show Cause Notice'.
Hindenburg said that it is sharing the full notice "because we think it is nonsense, concocted to serve a pre-ordained purpose. An attempt to silence and intimidate those who expose corruption and fraud perpetrated by the most powerful individuals in India." It linked the show cause notice in pdf document via Slideshare online.
Read the Full Response from Hindenburg
Also Read | SEBI issues show-cause notice to Hindenburg, Nathan Anderson over Adani report.
The organisation said they were “aware” SEBI was “grappling” with how to respond to a United States-based research firm with no operations in India after they alleged that Adani Group was operating “the largest con in corporate history”.
It stated that they “anticipated fierce opposition” to the report “regardless of how comprehensive and truthful our body of evidence was”, adding that SEBI “seems more interested in pursuing those who expose such practices” and that the regulator's stance is “broadly in line with the actions of other elements of the Indian government which have sought to arrest 4 journalists for writing critical articles about Adani and expelled members of parliament who were critical of Adani.”