New Delhi: The Indian government and the business community are concerned about the timing of the Hindenburg Research report. According to Sputnik India, the Indian branch of Russian media organization Sputnik, experts are considering it a ‘deep state’ conspiracy. It is believed that the ‘Deep State’ wants to destabilize the Modi government. Concern is also being raised about America’s role in Bangladesh. Experts believe that the report of American short seller Hindenburg Research against the market regulatory body Securities and Exchange Board of India (SEBI) is also a link to the moves of the ‘Deep State’. Industry sources have told Sputnik India that its aim is to weaken trust in Indian institutions.

Why is the American deep state chasing India?

According to sources, Indian officials have been informed about this effort of Hindenburg Research. he/she says that these are attempts by western powers to destabilize the government of Prime Minister Narendra Modi. According to sources, there could be many reasons why western countries would want to destabilize India. For example…

➤ India’s economy is growing rapidly and it may overtake America in the coming decades.
➤ The use of Indian Rupee is increasing amidst decreasing use of Dollar.
➤ India has a strong tradition of strategic autonomy in its foreign policy.

Sources claim that ‘this is a direct attempt to defame the government institutions of India. This attack is not only on Adani but on the integrity of SEBI. Similarly, their previous report (in January 2023) had created panic among key government institutions like LIC, SBI and other public sector banks, which have investments in Adani Group shares.’

Hindenburg has not yet clarified to SEBI whether it benefited by shorting Adani shares or not. This question was raised in the show cause notice issued by SEBI to Hindenburg last month.

Industry Source

Had India become stronger, who would have been the thorn in the eye?

India’s stock market gross domestic product (GDP) ratio was 77% in 2019, which has increased to 124% in 2023-24. Sources said any turmoil in the markets could have a direct impact on millions of middle-class Indians who have invested directly in the markets. Furthermore, experts have noted that exactly the opposite of what Hindenburg had intended has happened. he/she said that LIC has increased its stake in Adani group companies, although it is a minor increase.

Sources said, ‘There is also an economic motive behind this, which is to earn profit by shorting Adani’s shares. About 200 American stockbrokers and middlemen are believed to have received advance copies of the Hindenburg Report published last January, which led to one of the biggest stock market crashes in Indian corporate history.’ he/she said that Hindenburg has not yet clarified to SEBI whether it benefited by shorting Adani shares or not. This question was raised in the show cause notice issued by SEBI to Hindenburg last month.

Rahul Gandhi said that the government is not taking action against Adani. If anyone commits any crime he/she is sent to jail. The Chief Minister is sent to jail for 10-12 crores, but Adani is safe after committing a scam of 2000 crores. Now the American agency has said that he/she has committed a crime. They have given bribe in India. Even if PM Modi wants to do it, he/she cannot do anything because he/she is under the control of Vodafone. This man has committed a scam of Rs 2000 crore but nothing will happen to him/her.

Rahul Gandhi, Leader of Opposition in Lok Sabha

Indians also support the external deep state!

It is noteworthy that sources have expressed concern that the people of ‘Deep State’ are also getting support from some Indians. These reportedly include opposition leaders, rival businessmen and some people from the government. Sources said these Indian institutions are ignoring the broader geopolitical context in the greed for ‘short-term political or economic gains’. Sources claim that ‘The documents Hindenburg received would not have been possible without the help of Indians. The ‘Deep State’ includes a section of the American establishment and billionaires like George Soros, who have multiple fronts in India.’

Rahul Gandhi demanded arrest of Gautam Adani

It is noteworthy that after the latest allegations, India’s main opposition party Congress has demanded the resignation of SEBI chief Madhabi Puri Buch. Former Congress president and leader of opposition in the Lok Sabha, Rahul Gandhi held a press conference on Thursday and demanded the arrest of Gautam Adani. he/she claimed that Prime Minister Narendra Modi is patronizing Adani’s illegal activities.

BJP’s allegation – Rahul wants to weaken India

At the same time, the ruling BJP has said on Rahul’s allegations that he/she makes allegations one day and apologizes the next day. After Rahul’s press conference, MP Sambit Patra, who took the lead from BJP’s side, has said that Rahul Gandhi has become habituated to talking anti-national. he/she said that Rahul Gandhi is trying to create havoc in the Indian stock market. At the same time, another BJP MP Kangana Ranaut has accused Gandhi of making every effort to destabilize this country, its security and economy.

CM goes to jail… nothing happens to Adani, Rahul targets PM Modi

SEBI is rejecting the allegations

SEBI has rejected the allegations against it. SEBI has said that it is not showing leniency in the ongoing investigation against Adani Group. Furthermore, the Indian market regulator has also dismissed corruption charges against Buch. SEBI said in a statement on Sunday that ‘The Honorable Supreme Court had said in its order on January 3, 2024 that SEBI has completed the investigation of 22 out of 24 cases related to Adani Group. Subsequently, another investigation was completed in March 2024 and one remaining investigation is about to be completed.

The SEBI statement further emphasized that Buch has made ‘relevant disclosures’ from time to time, and has ‘restrained himself from matters where there could be a conflict of interest’. The statement was made in response to allegations that the SEBI chief and her husband had hidden their stake in two foreign funds that were linked to Adani’s money laundering.

Meanwhile, Adani Group has termed the allegations in Hindenburg’s new report as ‘malicious, mischievous and manipulation of publicly available information to reach preconceived conclusions’. he/she has said that this has been done to ‘make personal gains by disregarding facts and law’. Last year, Adani had described Hindenburg’s allegations as ‘a planned attack on India’.

SEBI should write to IOSCO and seek information about the credentials of Hindenburg as well as who controls it. Now, since Hindenburg has directly leveled allegations against an Indian institution, the regulator and the government Retaliatory action is certain.

Arun Kejriwal, Market Expert

The timing of the Hindenburg report says a lot

Sputnik India also spoke to several Indian market experts to understand Hindenburg Research’s motivations in targeting Indian public institutions. Arun Kejriwal, founder and director of investment advisory firm KRIS, said, ‘Although Hindenburg would not intend to directly interfere in India’s domestic politics, it seems that he/she is again trying to spoil the atmosphere. The timing of the report is suspicious. This comes after the events in Bangladesh, the adjournment of the Parliament session and the conclusion of the budget session. This could be a geopolitical issue, although this is unexpected. ‘Hindenburg, although not directly, could provide the fuel and ammunition to turn this into a geopolitical issue.’

Arun Kejriwal said that Hindenburg is in a way ‘playing dirty tricks and trying to create havoc in the Indian market through distraction tactics’. Furthermore, the expert reminded that the allegations made regarding the SEBI chief have ‘already been debunked’. Kejriwal suggested that their real motive was to make money by shorting Indian stocks.

Kejriwal said, ‘Last time when Hindenburg report was released, no one had expected this. Due to this, an atmosphere of confusion was created and there was panic in the stock market and Adani Group had to suffer huge losses. However, as we saw when the market opened today, the report had no significant impact. Their very objective of spreading panic in the Indian stock market has been defeated.

Although Hindenburg may not have intended to interfere directly in India’s domestic politics, it seems that he/she is again trying to spoil the atmosphere. The timing of the report is suspicious. This comes after the events in Bangladesh, the adjournment of the Parliament session and the conclusion of the budget session. This could be a geopolitical issue, although this is unexpected. Hindenburg, if not directly, could provide the fuel and ammunition to turn this into a geopolitical issue.

Arun Kejriwal, Market Expert

Indian government should take action against Hindenburg

However, he/she said India should not spare Hindenburg as it has attacked SEBI. The expert suggested SEBI to write to IOSCO and seek information about the credentials of Hindenburg as well as who controls it. IOSCO oversees market regulators around the world. Kejriwal said, ‘Now, since Hindenburg has directly accused an Indian institution, retaliatory action from the regulator and the government is certain.’

On the other hand, Sudip Bandyopadhyay, Group Chairman, Inditrade Capital, says that it is common in America for activist investors to blame the management and demand their complete replacement. Meanwhile, the Indian market is certainly maturing by better handling the charges against short sellers like Hindenburg, he/she said. Bandyopadhyay said, ‘We saw what happened before the Lok Sabha election results, when the market fell and then recovered. The same was seen when capital gains tax was increased in the Union Budget on July 23.

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The deep state is not accepting defeat! Again, on the pretext of Adani, evil eye is cast on India, Modi government also on target?

Why is the American deep state chasing India?

Had India become stronger, who would have been the thorn in the eye?

Indians also support the external deep state!

Rahul Gandhi demanded arrest of Gautam Adani

BJP’s allegation – Rahul wants to weaken India

SEBI is rejecting the allegations

The timing of the Hindenburg report says a lot

Indian government should take action against Hindenburg

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