Hindenburg shared Adani report with client two months before publishing it: Sebi

New Delhi : US short-seller Hindenburg Research had shared an advance copy of its damning report against Adani group with New York-based hedge fund manager Mark Kingdon about two months before publishing it and profited from a deal to share spoils from share price movement  according to market regulator Sebi. 

The Securities and Exchange Board of India (Sebi)  in its 46-page show cause notice to Hindenburg  detailed how the US short seller  the New York hedge fund and a broker tied to Kotak Mahindra Bank benefited from the over USD 150 billion routs in the market value of Adani group s 10 listed firms post-publication of the report.