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☆ CNBC's Inside India newsletter: Gautam Adani's U.S. fraud charges could have wider repercussions for India
▼ + stars: | 2024-11-21 | by ( Ganesh Rao | ) www.cnbc.com time to read: +8 min

Gautam Adani, chairman of Adani Group, following a Bloomberg Television interview at the company's headquarters in Ahmedabad, Gujarat, India, on Saturday, May 25, 2024. The head of a $25 billion Indian energy company, the former CEO of a New York-listed energy firm, and one of Asia's wealthiest men were set to meet in New Delhi to discuss business. To prepare for the meeting, Vneet Jaain, chief executive of $25 billion Adani Green Energy , photographed a document on his cellphone. There are also concerns about whether Adani companies will be able to raise debt in the future in U.S. markets. Earlier this year, the stock market regulator's chair, Madhabi Buch, was accused of having a conflict of interest while investigating Adani group companies, according to short-seller Hindenburg.

Persons: Gautam Adani, Sumit Dayal, Vneet Jaain, Gautam, Jaain, James Dennehy, Adani, Adani Green, What's, firm's, Matt Orton, Raymond James, CNBC's Tanvir Gill, Orton, it's, India's, Rahul Gandhi, Madhabi Organizations: Adani, Bloomberg, Getty, Green Energy, Eastern, of, NYSE, U.S, Securities Exchange Commission, New York Stock Exchange, SEC, U.S . Department of Justice, Energy, Adani Enterprises, GQG Partners, firm's Sydney, Citi, State Bank of India, DBS Group, DBS, Regulators, Federal Bureau of Investigations, Central Bureau of Investigations, Securities and Exchange Board of India, CNBC Locations: Ahmedabad, Gujarat, India, New York, New Delhi, of New York, U.S, Foreign, Singapore, Madhabi Buch

☆ Adani vs. Hindenburg: How one of India's biggest empires descended into chaos
▼ + stars: | 2024-11-21 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +4 min

Gautam Adani, the billionaire chairman of India's Adani Group, was indicted on Wednesday along with seven others in New York federal court for his involvement in a large-scale bribery and fraud scheme. March 2023 to May 2023In March, India's Supreme Court sets up an independent six-member panel to investigate the allegations made in the Hindenburg report. Then in May, the court-appointed panel said it has "drawn a blank" in its probe into Adani group, according to Reuters. December 2023 to January 2024By the end of 2023, Adani Enterprise shares had recovered from the fallout and concluded the year with smaller declines of 26%. Modi has been accused by opposition leader Rahul Gandhi for assisting the Adani Group in securing contracts in Sri Lanka, India and Australia.

Persons: Gautam Adani, Hindenburg, Adani, Madhabi Puri, Narendra Modi, Modi, Rahul Gandhi Organizations: Hindenburg Research, India's, Adani, Hindenburg, Adani Enterprises, Reuters, Adani Enterprise, Bloomberg, Indian, Forbes Locations: Krakow, Poland, New York, Asia, Madhabi Puri Buch, Sri Lanka, India, Australia

☆ Hyundai Motor India's shares set to start trading after the country's largest IPO
▼ + stars: | 2024-10-22 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

MUMBAI, MAHARASHTRA, INDIA - Hyundai cars seen parked outside the Hyundai showroom in Mumbai. Hyundai Motor India was set to start trading Tuesday in the country's two major stock markets after a $3.3 billion initial public offering, the country's largest-ever by amount raised. Unlike a traditional IPO, in which a firm sells fresh shares, Hyundai Motor India's listing is an offer for sale, where its parent Hyundai Motor Company sold its shares. The lead bookrunners of Hyundai India's IPO were Kotak Mahindra Capital, Citigroup Global Markets India, HSBC Securities and Capital Markets (India), J.P. Morgan India and Morgan Stanley India. There is amazing fundamentals in equity markets with supportive policies from SEBI [Securities and Exchange Board of India], retail participation and broad-based opportunities," he added.

Persons: Morgan India, Morgan Stanley, Neil Bahal, Amala Balakrishner Organizations: Hyundai, India, South Korean, Hyundai Motor Company, Kotak Mahindra Capital, Citigroup Global Markets, HSBC Securities, Capital Markets, CNBC, Negen, Securities, Exchange Board Locations: MUMBAI, MAHARASHTRA, INDIA, Mumbai, South Korea, New Delhi, Citigroup Global Markets India, India, Morgan Stanley India, SEBI

☆ Adani Group shares shed billions after Hindenburg allegations against regulator
▼ + stars: | 2024-08-12 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Adani group is one of the India's largest multinational company with a diversified business portfolio. Shares of Adani Group fell on Monday, after a new report from U.S. short seller Hindenburg accused the chair of India's capital markets regulator of having conflicts of interest that prevented an in-depth probe of fraud allegations. Shares of Adani Total Gas, Adani Power, Adani Wilmar and Adani Energy Solutions also fell sharply on the news. Madhabi Puri Buch and Dhaval Buch both denied wrongdoing and said the report's claims were baseless. Hindenburg's latest report comes roughly 18 months after it first accused the Adani Group of stock manipulation and corporate fraud.

Persons: Hindenburg, Adani, Madhabi Puri, Dhaval Buch, Puri, Gautam Adani, CNBC's Ganesh Rao Organizations: Adani, Adani Enterprises, Adani Energy Solutions, Securities and Exchange Board of India, Sunday Locations: Mumbai, Madhabi Puri Buch, Puri Buch

☆ Gautam Adani hit by fresh Hindenburg allegations against India’s market regulator
▼ + stars: | 2024-08-12 | by ( ) edition.cnn.com time to read: +3 min

Adani Group companies shed as much as $19 billion in market value on Monday after Hindenburg Research accused the Indian market regulator probing the group of having links to offshore funds also used by Adani. Adani Enterprises and Adani Ports were among the biggest losers on India’s blue-chip Nifty 50 index. Total losses in Adani companies narrowed to $9 billion after the early plunge. It caused one of the most stunning upheavals in India’s corporate history in January 2023 when it alleged improper use of tax havens and stock manipulation by the Adani Group. “We do not think SEBI can be trusted as an objective arbiter in the Adani matter,” Hindenburg said on Saturday.

Persons: Adani, Gautam, Hindenburg, Madhabi Puri, Vinod Adani, Gautam Adani, ”, Sunny Agrawal, Buch, ” Hindenburg, SEBI, “, Kranthi Bathini, Rahul Gandhi, ” Ajay Seth Organizations: Adani, Hindenburg Research, Adani Enterprises, Securities and Exchange Board of India, SBICAPS Securities, Equity, WealthMills Securities Locations: New York, Madhabi Puri Buch

☆ Hindenburg alleges India market regulator chief had stake in offshore funds used by Adani Group
▼ + stars: | 2024-08-11 | by ( ) www.cnbc.com time to read: +3 min

In May, six Adani Group companies disclosed they had received notices from SEBI alleging violation of Indian stock market rules. Alongside the inquiry into the Adani group, SEBI sent a "show cause" notice to Hindenburg Research alleging that the short-seller violated the country's rules by setting up a short-bet using non-public information. Hindenburg Research said these allegations were "nonsense" in a note published on its website in July, which also made public the regulator's notice. In its latest report, Hindenburg attempts to draw a link between offshore funds that traded in Adani Group shares and personal investments of Buch and her husband. It says that Bermuda-based Global Opportunities Fund, which according to a Financial Times investigation was used by entities connected to the Adani group to trade in share of group companies, had sub-funds.

Persons: Puri, Hindenburg, Buch, Vinod Adani, Gautam Adani, SEBI Organizations: Hindenburg Research, Hindenburg, SEBI, Sunday, Securities and Exchange Board of India, Adani, Adani Group, Fund, Financial Times, Buch, Securities, Exchange Board of India Locations: Krakow, Poland, Puri Buch, Buch, Bermuda

☆ How a New York short-seller took on one of the world's richest people, wiped out $150 billion in market value, and barely made any money
▼ + stars: | 2024-07-06 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +10 min

Read previewNate Anderson, the chief mind behind activist short-seller Hindenburg Research, has had an eventful past 18 months. AdvertisementDetailed below is the considerable back-and-forth that's taken place since Hindenburg's initial shot across the bow of Adani Group. It cited "numerous examples"of those companies funneling money through private companies owned by Adani, before cash was set to Adani's listed public companies. AdvertisementThe short-seller's investigation also found Adani's private and public companies to have "numerous" undisclosed transactions with other parties, the researchers found, which violates regulatory laws in India. Conflict over Hindenburg's short-selling arrangementIndian regulators have raised specific questions about the structure of Hindenburg's short bet on Adani Group.

Persons: —, Nate Anderson, Gautam Adani, Hindenburg, it's, Anderson, Gautam, Hindenburg's, Adani, SEC —, Kingdon, who's, he's, Nikola, Carl Icahn Organizations: Service, Hindenburg, Business, Group, Adani, Adani Group, Hindenburg Research, The Securities, Exchange Board, SEC, Kingdon Capital Management, Regulators, Lordstown Motors, Icahn Enterprises, New York Times, Times, charlatans Locations: India, Manhattan, Adani, New York

☆ Hindenburg: The short seller that took on Gautam Adani made surprisingly little money
▼ + stars: | 2024-07-02 | by ( Diksha Madhok | ) edition.cnn.com time to read: +3 min

Eighteen months on, Adani — who has denied any wrongdoing — has largely recovered from the broadside and the tiny US short seller has revealed how much it made betting against the Indian billionaire: just over $4 million. In its blistering report last year, Hindenburg had accused the Adani Group of “brazen stock manipulation” and questioned the “sky-high” valuations of the ports-to-power conglomerate’s firms. Hindenburg said it had taken a short position in the group’s companies, meaning it would benefit if their shares fell. The short seller, named after the 1937 airship disaster, said in Monday’s statement that it made just $4.1 million in gross revenue through gains related to Adani short positions from a relationship with unnamed investor and about “$31,000 through our own short of Adani US bonds.”“Net of legal and research expenses (including time, salaries/compensation, and costs for a 2-year global investigation) we may come out ahead of breakeven on our Adani short,” it added. The Adani Group immediately denounced the accusations as “baseless” and “malicious,” but failed to halt the staggering stock market meltdown that followed.

Persons: Gautam, Asia’s, Adani —, —, Hindenburg, ”, SEBI, ” Hindenburg, Mukesh Ambani Organizations: New, New Delhi CNN, Hindenburg Research, Securities and Exchange Board, ” CNN, Adani Locations: New Delhi, New York, India, breakeven, India’s

☆ CNBC's Inside India newsletter: IPO boom looks to break new records
▼ + stars: | 2024-06-13 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +5 min

The spotlight has seemingly shifted in the past year toward companies going to market, hoping to ride on the coattails of India's growth story. Growing foreign listingsThe allure of India's stock markets has trickled to companies beyond its shores — with foreign entities eyeing a share of its growth. Such listings add strength to India's markets, says M&G Investment's Asian Equities Portfolio Manager Vikas Pershad. The optimism on India's IPO boom is sometimes marred by concerns over elevated valuations of its stock market — and whether it is headed toward a bubble. "When we look at India, we see continued economic and earnings per share growth and higher levels of profitability," Dorson from Global X told CNBC's Inside India.

Persons: Swiggy, Debarchan Chatterjee, Neil Bahal, Dhruba Jyoti Sengupta, Ola, PhonePe, Ola Electric, Sengupta, Vikas Pershad, Malcolm Dorson, CNBC's Organizations: Getty, Reliance Industries, Adani Enterprises, Mankind Pharma, Negen, Securities, Exchange Board, Wrise Private, Aakash Educational Services, Aakash Educational, Walmart, United Arab, Hyundai, Insurance Corporation of India, Maruti Suzuki, Hindustan Unilever, Siemens, ABB India, Global Locations: Kolkata, India, SEBI, United Arab Emirates, Sri Lanka, Hyundai India, India's, Maruti Suzuki India, Hindustan

☆ CNBC's Inside India newsletter: What's next for India's regulators?
▼ + stars: | 2024-05-17 | by ( Ganesh Rao | ) www.cnbc.com time to read: +6 min

People stand in front of a Reserve Bank of India logo at the Global Fintech Fest in Mumbai, India, 5 September, 2023. Instead, there's been a flurry of activity this month at a number of regulators across India's financial system. That frightened bank investors and immediately knocked off more than 3% from the India Nifty PSU Bank index. "RBI has been tightening the screws," Rajeev Agrawal, hedge fund manager and managing partner at DoorDarshi India Fund, told CNBC's Inside India. We also had hedge fund manager Andrew Holland, who spoke on India's infrastructure projects and the outlook for the country's economy.

Persons: Niharika Kulkarni, there's, Nirmala Sitharaman, SEBI, Rajeev Agrawal, Agrawal, Shailendra Singh, India's, they've, Dinesh Kumar Khara, Andrew Holland, Sri Jegarajah Organizations: Reserve Bank of, Global, Securities and Exchange Board of India, Reserve Bank of India, Futures Industry Association, Bombay Stock Exchange, Reuters, India Nifty, DoorDarshi India Fund, Peak XV Partners, Sequoia Capital, CNBC, CNBC Pro, U.S ., State Bank of India, U.S . Federal Reserve, Center Locations: Reserve Bank of India, Mumbai, India, Sequoia, Sequoia Capital India, Southeast Asia, Maldives, Sri Lanka, Sri, Japan, Indian, Chennai

☆ India's markets regulator puts seven Adani companies on notice for violations
▼ + stars: | 2024-05-03 | by ( ) www.cnbc.com time to read: +1 min

Chairperson of Indian conglomerate Adani Group, Gautam Adani, speaking at the World Congress of Accountants in Mumbai on November 19, 2022. India's markets regulator has sent notices of regulatory violations to seven companies of the Adani conglomerate, including its flagship Adani Enterprises, the group said in stock exchange filings. The regulator began probing the Adani group, led by billionaire Gautam Adani, after Hindenburg Research in January 2023 alleged improper use of tax havens and stock manipulation by the group, accusations the group has denied. Adani Green Energy, Adani Power, Adani Total Gas, Adani Energy Solutions, Adani Wilmar, and Adani Ports have also received notices from SEBI in the first quarter, the companies said in separate filings to the exchanges this week. Typically such violations attract monetary penalties or management can be barred from capital markets for a certain period.

Persons: Gautam Adani, Wilmar Organizations: Adani, World, Accountants, Adani Enterprises, Hindenburg Research, Securities and Exchange Board of India, Energy, Adani Energy Solutions Locations: Mumbai, SEBI

☆ Adani Group founder Gautam Adani is once again Asia's richest person
▼ + stars: | 2024-01-05 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

Gautam Adani is the richest person in Asia again, according to Bloomberg Billionaires Index's updated figures Friday. The founder and chairman of the Adani Group regained pole position in Asia after dethroning Reliance Industries Chairman Mukesh Ambani, who took the top spot after Hindenburg Research accused the Adani Group of "brazen stock manipulation and accounting fraud" over decades. The report eroded investor confidence and wiped out billions in market value for Adani Group companies. The Adani Group has 10 publicly listed companies, including Adani Port which was 2.8% higher on Asia's Friday afternoon trading session. As of Friday, Adani's net worth stood at $97.6 billion and he was the world's 12th richest person, while Ambani's wealth stood at $97 billion and he was in 13th place, according to the Bloomberg Billionaires Index.

Persons: Gautam Adani, Index's, Mukesh Ambani, Hindenburg, Ambani's Organizations: Bloomberg, Adani Group, dethroning Reliance, Hindenburg Research, Adani, Securities, Exchange Board of India Locations: Asia

☆ India markets regulator to oversee online platforms offering fraction real estate assets
▼ + stars: | 2023-11-25 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +2 min

A man walks past the Securities and Exchange Board of India (SEBI) headquarters in Mumbai, India, April 19, 2023. REUTERS/Francis Mascarenhas Acquire Licensing RightsMUMBAI, Nov 25 (Reuters) - The board of India's markets regulator on Saturday said it will regulate online platforms offering fractional ownership of real estate assets, and such platforms will be registered under a framework for small and medium real estate investment trusts. In a statement after its quarterly board meeting, the Securities and Exchange Board of India (SEBI) also said that fresh investments by alternative investment funds would be stored electronically from Sept. 2024. But Buch said the rise in equity derivatives trading did not pose any systemic concerns. Concerns regarding SEBI's plan to allow same-day settlement of equity market trades to help retail investors were "exaggerated”, Buch said.

Persons: Francis Mascarenhas, Madhabi Puri Buch, Buch, SEBI, Jayshree, Krishn Kaushik, Alexandra Hudson, Christina Fincher Organizations: Securities and Exchange Board of India, REUTERS, Rights, National Stock Exchange, Thomson Locations: Mumbai, India, Rights MUMBAI

☆ India's Sahara conglomerate chief Subrata Roy dies
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

[1/2] Sahara Group Chairman Subrata Roy gestures as he speaks during a news conference in Kolkata November 29, 2013. REUTERS/Rupak De Chowdhuri/File Photo Acquire Licensing RightsNov 15 (Reuters) - Embattled Sahara conglomerate chief Subrata Roy died on Tuesday due to cardiorespiratory arrest, the company said in a statement. Roy was admitted to a hospital in Mumbai on Sunday and died following complications arising from metastatic malignancy, hypertension and diabetes, according to the company. Roy, the founder and chairman of Sahara, was arrested in March 2014 for failing to attend a contempt of court hearing and was on bail since 2016. Reporting by Gursimran Kaur and Maria Ponnezhath in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Subrata Roy, Roy, Gursimran Kaur, Maria Ponnezhath, Shounak Dasgupta Organizations: Sahara, REUTERS, national cricket team, New, Grosvenor, Force India, One, Bad, Netflix, Thomson Locations: Kolkata, Sahara, Mumbai, London, Bengaluru

Regulators have so far not mandated any minimum net worth or investor qualifications for those trading stock options, and the stock markets almost always rise each year - both recipes for higher risk-taking and complacency. The "stark" increase in daily options trading turnover raises issues of investor protection, said Ajay Tyagi, former SEBI chief. The platform has seen an uptick in futures and options trading activity, Zerodha said in response to Reuters queries. Siddharth Joshi, a 36-year old from Surat in western India, said he lost 200,000 rupees trading options on Adani Enterprises (ADEL.NS) shares in January. "In options trading, I know my loss is capped but there is an opportunity to make maximum profit," he said.

Persons: Francis Mascarenhas, Mihir Vora, SEBI, Ashish Chauhan, Ajay Tyagi, Kailash, Bhavesh Shah, Shah, Zerodha, Siddharth Joshi, he's, Ira Dugal, Vidya Ranganathan, Raju Gopalakrishnan Organizations: Bombay Stock Exchange, REUTERS, Rights, Securities, Exchange Board of India, Trust Mutual Fund, National Stock Exchange of India Ltd, BSE Ltd, Reuters, Axis Mutual Fund, National Stock Exchange, Adani Enterprises, Thomson Locations: Mumbai, India, Rights MUMBAI, South Korea, Bhavesh, Ahmedabad, Surat

☆ India’s gamified equities are a wake-up call
▼ + stars: | 2023-11-08 | by ( Pranav Kiran | ) www.reuters.com time to read: +4 min

The result is an acceleration of Indian savings away from gold and real estate into financial products. However, it is also leading to what Ashish Gupta, chief investment officer at Axis Bank’s mutual fund, dubs “the gamification of Indian equities”. A frenzy for index options has driven up volume in the derivatives market to the tune of $4.3 trillion a day. Retail traders made up a higher share of equity derivatives turnover than their institutional counterparts on the National Stock Exchange between 2017 and 2021. Whatever the fix, it’s a reminder that India’s digital leapfrog which other developing countries are urgently trying to replicate has a dark side too.

Persons: Francis Mascarenhas, Ashish Gupta, Gupta, weren’t, Ananth Narayan, SEBI, Nithin Kamath, Zerodha, Lalit Keshre, Una Galani, Thomas Shum Organizations: Bombay Stock Exchange, REUTERS, Rights, Reuters, National Stock Exchange, Tiger, Securities, Exchange Board of India, Thomson Locations: Mumbai, India, U.S

☆ India's top regulators investigating some alternate investment funds -sources
▼ + stars: | 2023-10-17 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +3 min

A bird flies past the new logo of the Securities and Exchange Board of India (SEBI) at its headquarters in Mumbai, India, April 19, 2023. REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsOct 17 (Reuters) - India's markets regulator and its central bank are investigating about a dozen cases of alternate investment funds (AIFs) allegedly being used to circumvent regulations, including "evergreening" of stressed loans, according to three sources with direct knowledge of the matter. The central bank has initiated enquiries into these cases, according to the first and third sources. In other cases under investigation, AIFs have been used to evade caps on foreign investment in certain sectors, the first and third sources said. Priority payouts are when an investment is split into senior and junior tranches based on the risk and priority of payout.

Persons: Francis Mascarenhas, Ananth Narayan, AIFs, Jayshree, Jamie Freed Organizations: Securities and Exchange Board of India, REUTERS, Securities, Exchange Board of India, Reserve Bank of India, AIFs, Thomson Locations: Mumbai, India

The fund is called Gulf Asia Trade & Investment, the sources said. The Adani Group did not comment on the SEBI probe and its possible ties with the fund when contacted by Reuters. EZY had been incorporated in the British territory in 2006, while Gulf Asia was incorporated there in May 2011. In April 2014, Gulf Asia held $51.4 million worth of shares in Adani Enterprises and Adani Power (ADAN.NS). In March 2017, that had increased to $202 million in four group companies - Adani Enterprises, Adani Power, Adani Transmission and Adani Ports (APSE.NS), according to the OCCRP data.

Persons: Francis Mascarenhas, Nasser Ali Shaban, OCCRP, Hindenburg, Ahli, Gautam Adani, EZY, SEBI, Jayshree, Krishn Kaushik, Sumeet Chatterjee, Edwina Gibbs, Louise Heavens Organizations: Securities and Exchange Board of India, REUTERS, Adani, Gulf Asia Trade & Investment, Dubai, Reuters, Securities and Exchange, India's, Hindenburg, Adani Enterprises, Al, Trade, United Arab, British Virgin Islands, Gulf, EZY Global, EZY, Thomson Locations: Mumbai, India, British Virgin, Nasser Ali Shaban Ahli, Gulf, Gulf Asia, United Arab Emirates, British, Asia

☆ Adani blasts ‘Soros-funded interests’ after media raise new questions about business empire
▼ + stars: | 2023-09-01 | by ( Mark Thompson | ) edition.cnn.com time to read: +6 min

The documents were unearthed by the non-profit Organized Crime and Corruption Reporting Project (OCCRP), which counts billionaire George Soros’ Open Society Foundations among its financial backers, and its research was shared with media including The Guardian and the Financial Times. It is also backed by the US State Department, the UK Foreign Office and the Ford Foundation. The Financial Times said people familiar with the structures had claimed “parallel sets of books and a Russian doll of companies and funds” at the investment firm were used to mask the trades. When Hindenburg published its report in late January, it pitched 88 questions to Adani that cast doubt on his conglomerate’s financial health. Speaking to reporters in Mumbai on Thursday, Rahul Gandhi, a prominent lawmaker from India’s main opposition Congress party, urged Modi to investigate the allegations put forward by the Financial Times and The Guardian and criticized his silence on the matter.

Persons: Gautam, “ Soros, George Soros, OCCRP, Narendra Modi, Adani, “, OCCRP’s, Drew Sullivan, Hindenburg, —, ”, SEBI, ” Adani, Modi, Rahul Gandhi, ” Gandhi, Michelle Toh, Rhea Mogul Organizations: London CNN, Adani, Guardian, Financial Times, CNN, Soros, US State Department, Foreign Office, Ford Foundation, Indian, Adani Group, Hindenburg Research, Society Foundations, Securities and Exchange Board of India, ” Reuters, India’s Locations: Adani, Bermuda, Russian, Mauritius, India, Mumbai

☆ Adani fault lines raise bar for India’s regulator
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. It was a hunt an Indian panel probing allegations of stock manipulation warned might be "a journey without a destination". Adani on Thursday rejected OCCRP’s claims, saying they are based on decade-old closed cases. Shares of Adani Total Gas (ADAG.NS), a joint venture with France’s Total, and Adani Power (ADAN.NS) and Adani Enterprises (ADEL.NS) fell 2.5%, 3.5% and 3% respectively. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Gautam Adani, Amir Cohen, Gautam, Hindenburg, Madhabi Puri, she’s, Nasser Ali Shaban Ahli, Taiwan’s Chang Chung, Ling, Vinod Adani, Gautam Adani’s, Adani, OCCRP’s, Mukesh Ambani’s, Didi, Antony Currie, Thomas Shum Organizations: Adani Group, Haifa Port, REUTERS, Rights, Reuters, India’s Securities, Exchange Board of India, United Arab Emirates, France’s, Adani Enterprises, X, Thomson Locations: Haifa, Israel, Madhabi Puri Buch, Una

The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. Citing review of files from multiple tax havens and internal Adani Group emails, nonprofit media organization OCCRP said its investigation found at least two cases where the investors bought and sold Adani stock through such offshore structures. Adani Group has called Hindenburg's claims misleading and without evidence and said it always complied with laws. Adani Group did not immediately respond to a Reuters request for comment on the OCCRP report. In an interview with a reporter from the Guardian, OCCRP said Chang said he knew nothing about any secret purchases of Adani stock.

Persons: Amit Dave, OCCRP, Adani, Hindenburg, Gautam, India's, Nasser Ali Shaban Ahli, Chang Chung, Ling, Chang, Aditya Kalra, Krishn Kaushik, Lisa Shumaker Organizations: Adani, REUTERS, DELHI, Hindenburg Research, Reuters, HINDENBURG, Securities, Exchange Board of India, Guardian, Thomson Locations: Ahmedabad, India, Mauritius, Ahli

☆ Indian regulator's probe faults Adani group on disclosure rules -sources
▼ + stars: | 2023-08-28 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +3 min

[1/2] The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. India's Supreme Court, which is overseeing SEBI's investigation of the Adani group, is set to hear the matter on Tuesday. But SEBI has no plans to make the report public until the regulator has passed its orders on the Adani investigation, one of the sources said. In its January response to Hindenburg's accusations, the Adani group said all related party transactions had been fully identified and disclosed. But it was not immediately clear what penalties the regulator will eventually recommend in the Adani investigation.

Persons: Amit Dave, India's, Gautam, SEBI, Jayshree, Clarence Fernandez Organizations: Adani, REUTERS, The Securities, Exchange Board of India, Hindenburg Research, Thomson Locations: Ahmedabad, India, Indian

[1/2] A bird flies past the new logo of the Securities and Exchange Board of India (SEBI) at its headquarters in Mumbai, India, April 19, 2023. REUTERS/Francis Mascarenhas/File PhotoAug 14 (Reuters) - India's market regulator has sought 15 more days to complete its probe into the Adani group's dealings, it said in a filing before the country's Supreme Court. SEBI has sought more information from other regulators and foreign jurisdictions to plan a further course of action. The group's listed companies lost more than $100 billion in market value earlier this year after U.S.-based Hindenburg Research raised several governance concerns. Reporting by Jayshree P Upadhyay in Mumbai; Editing by Savio D'Souza and Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, SEBI, Jayshree, Savio D'Souza, Jacqueline Wong Organizations: Securities and Exchange Board of India, REUTERS, The Securities, Exchange Board of India, Hindenburg Research, Thomson Locations: Mumbai, India

☆ Morgan Stanley upgrades India to "overweight", terms it top pick among emerging markets
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

The Indian flag flies in front of the new logo of the Securities and Exchange Board of India (SEBI) at its headquarters in Mumbai, India, April 19, 2023. REUTERS/Francis Mascarenhas/File PhotoBENGALURU, Aug 3 (Reuters) - Morgan Stanley has upgraded its view on Indian markets to "overweight" from "equal weight", citing easing valuations as compared to October 2022, when the global brokerage identified the onset of a new bull market in Asian and emerging market equities. India is now the top ranked, most-preferred market among emerging markets (EMs), rising from the sixth spot, due to supportive foreign inflows, macro stability and positive earnings outlook, the brokerage said in a note late Wednesday. Sectorally, the brokerage remains overweight on financials, consumer discretionary and industrial segments in India, and has an "add" rating on Larsen & Toubro and Maruti Suzuki India in its Asia Pacific focus and Global Emerging Markets lists. "We think returning India to an "overweight" rating and downgrading China to "equal weight" is warranted," analysts said, referring to the Indian markets' outperformance over China as a sign of a structural breakout in favour of India.

Persons: Francis Mascarenhas, Morgan Stanley, Larsen, Bharath Rajeswaran, Sonia Cheema Organizations: Securities and Exchange Board of India, REUTERS, Toubro, Maruti Suzuki, Thomson Locations: Mumbai, India, BENGALURU, Asia, China, Bengaluru

☆ India regulator says no proposal to curb retail derivatives trades -statement
▼ + stars: | 2023-07-29 | by ( ) www.reuters.com time to read: +1 min

July 29 (Reuters) - India's market regulator said on Saturday there was no proposal to curb retail participation in equity derivative markets but that it was considering a client risk assessment. Reuters reported on Friday that the Securities and Exchange Board of India (SEBI), seeking to reduce risks for retail investors, would propose linking the amount of equity derivatives they may trade to their wealth. Citing what it said were speculative media reports, SEBI said in a statement, "It is clarified that there is no proposal to curb retail participation in derivative markets". But it said it was examining whether existing requirements for participating in the derivative markets could be extended to include a risk assessment of clients. "SEBI’s focus has always been on adequate risk management, while ensuring ease of doing business and compliance, rather than on placing any curbs on trading," the regulator said.

Persons: SEBI, Jayshree, William Mallard Organizations: Reuters, Securities and Exchange Board of India, Thomson

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