Markets regulator SEBI's dismissal of allegations levelled by US short seller Hindenburg Research against Adani Group is a major boost, not just for the conglomerate but for India's investment environment, according to Manish Singh, chief investment officer at Crossbridge Capital, an independent wealth management and advisory firm.
On September 18, SEBI cleared Adani Group's companies, including Adani Enterprises, Adani Ports and Adani Power, and its Chairman Gautam Adani of the allegations made by Hindenburg Research.
Speaking to NDTV Profit, Manish Singh welcomed the regulator's move, describing it as a significant confidence booster. “This is very good news for the group, and I think it is also very good news for India, given the importance of the Adani Group in the Indian development story. You mentioned Adani Power. India needs a lot of power, and in my opinion, the country needs a few more Adanis,” Mr Singh said.
#SEBI's Clean Chit To Adani: Big boost not only for #Adani Group but also for India, says @CrossbridgeView's Manish Singh. @Heeraal @_nirajshah
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— NDTV Profit (@NDTVProfitIndia) September 19, 2025
In January 2023, Hindenburg Research had alleged that the group used three companies – Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure – to route money between Adani group firms.
SEBI dropped all proceedings against the Adani Group, noting that all loans were repaid, funds were used for intended purposes, and there was no fraud or unfair trade practice.
Manish Singh also highlighted the broader economic impact of the SEBI order. “This is overall very good news and important for India because the cost of capital is a big factor in any country's development story. If investor confidence erodes, it leads to a higher cost of capital,” he said.
But he also called for careful scrutiny of any potential malicious intent behind such allegations. “I do hope that, at some stage, the Indian government considers investigating what happened. You wouldn't want this to happen again, where, if there was any malicious intent, someone was trying to malign the group,” he said.
“The last thing you want is your investor confidence to go down and the cost of capital to go up. And a lot of people do not have the resources to go behind the story and investigate. They'll just go by the headlines. So, maybe giving them a clean chit is a good policy, but I do agree that it should be looked into if there was any malicious intent. And that should be exposed,” he said.
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