The Securities and Exchange Board of India (SEBI) has dismissed allegations of stock manipulation against Indian billionaire Gautam Adani and his group of companies that had been made by US short seller Hindenburg Research.

SEBI announced its decision on Thursday.

The agency began investigating Adani Group companies, including Adani Ports, Adani Power and Adani Enterprises, in 2023 after the now-defunct Hindenburg accused them of using tax havens and failing to disclose transactions between related parties.

The investigation found no violation, according to two final orders published by SEBI on Thursday.

“SEBI has reaffirmed what we have always maintained, that the Hindenburg claims were baseless. Transparency and integrity have always defined the Adani Group,” Gautam Adani, chairm

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