Mumbai: Markets regulator Securities and Exchange Board of India (SEBI), in its 46-page show-cause notice to Hindenburg Research, has detailed how the US short-seller shared an advance copy of its critical report on the Adani Group with New York-based hedge fund manager Mark Kingdon two months before its public release. The show-cause notice alleged that Hindenburg, Kingdon’s hedge fund, and a broker associated with Kotak Mahindra Bank benefited from the over $150 billion decline in the market value of Adani group’s 10 listed firms after the publication of the report. The markets regulator has also accused Hindenburg of making “unfair” profits through collusion, using non-public and mislead
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