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Last weekend, the conflict between Hindenburg Research, a well-known short-selling agency in the United States, and the Securities and Exchange Board of India (SEBI) suddenly escalated. Bloomberg reported on the 12th that Hindenburg Research is launching a new round of offensives, and the target of this round of offensives has gone beyond the "old rival" Adani conglomerate, and directly hit the "heart of India's regulatory system." On the 10th, Hindenburg Research released its latest report, directly pointing out that the offshore funds invested by the Chairman of the Securities and Exchange Board of India, Bach, and her husband are related to the Adani Group, a well-known Indian multinational conglomerate, which means that there is a major conflict of interest between Bach and her husband's investment and the investigation. Hindenburg Research released a report in January last year, making serious allegations of stock manipulation, financial fraud, and misappropriation of funds against the Adani Group. The Adani Group is currently under investigation by the Securities and Exchange Board of India. Because the report questioned the objectivity of the Securities and Exchange Board of India in the Adani incident, the issue brought political influence, and the opposition leaders demanded Bach's resignation and called for an investigation into the Hindenburg report. The next day, the Securities and Exchange Board of India responded that it had launched an investigation into the allegations of violations by the Adani Group raised by Hindenburg Research last year; as of March this year, 23 of the committee's 24 investigations into the Adani Group had been completed. The Securities and Exchange Board of India also confirmed that all relevant investments made by Bach had been disclosed as required. Bach herself also responded that her overseas investment was in 2015, two years before she joined the Securities and Exchange Board of India, and that Hindenburg Research's allegations against her were purely "personal attacks." The Economic Times of India reported on the 12th that the Indian government believed that the so-called latest allegations made by Hindenburg Research last weekend were purely "hype is not a problem" in order to "hit the credibility of the regulatory authorities" and were actually "deliberately destroying India's primary and secondary markets." The Adani Group was founded by Indian entrepreneur Gautam Adani in 1988. After Hindenburg released its first short report in 2023, the market value of the group's companies plummeted by more than $100 billion. According to the Times of India, some market participants are worried that the market crash will happen again. However, the report said that from a broader perspective, "Hindenburg 2.0" failed to have a significant impact. On the 12th, after the Indian stock market opened, the market value of Adani Group's companies fell by $19 billion, but then rebounded and recovered a lot of lost ground. (Zhen Xiang)▲