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Hindenburg Research, a US-based short-seller, disclosed on that it had received a letter from India's securities regulator outlining suspected violations related to its short position against the Adani Group last year. According to Hindenburg, the regulator accused them of misrepresentations and misleading statements in their report. Hindenburg further stated that the Securities and Exchange Board of India (SEBI) had implied their report contained inaccuracies aimed at deceiving readers. Hindenburg also revealed that it might barely come out above breakeven on its trade against Adani Group, despite making $4.1 million in gross revenue from its investor relationship's gains related to Adani shorts. They disclosed earning just $31,000 from their short position on Adani's U.S. bonds but did not identify the investor involved in these transactions. Additionally, Hindenburg detailed that Kotak Bank, an Indian firm, had overseen an offshore fund structure utilised by their investor partner for betting against the conglomerate. These revelations shed light on previously obscure trading activities that had puzzled investors. Regarding SEBI's show cause notice, Hindenburg characterized it as an attempt at intimidation and criticized SEBI for allegedly favouring fraud perpetrators over victimized investors. Meanwhile, SEBI, Adani Enterprises, and Kotak did not respond to requests for comment after working hours. The SEBI investigation into Adani has been ongoing, with the Indian Supreme Court granting SEBI an extension until August 14 to conclude its inquiries. This development marks a new chapter in the saga that began when Hindenburg, founded by Nathan Anderson, accused Adani of improper business practices, a claim vehemently denied by the Adani Group, which saw a significant decline in market value following Hindenburg's initial report but has since rebounded.