Market regulator Securities and Exchange Board of India (SEBI), as per directions by the Supreme Court, has issued a show-cause notice to Hindenburg Research, its sole beneficial owner Nathan Anderson and Mark Kingdon who is the ultimate beneficial owner of Mauritius-based entities, for trading violations in the scrip of Adani Enterprises, leading up to Hindenburg report and thereafter. 

In the show-cause notice, it is alleged that Hindenburg colluded with others to build short positions in the scrip of Adani Enterprises Limited (AEL).