"Good News For India": Crossbridge Capital's Manish Singh As SEBI Clears Adani Group

The dismissal of allegations against Adani Group by India's markets regulator SEBI represents a significant positive development for both the conglomerate and India's investment landscape, according to Crossbridge Capital's Chief Investment Officer Manish Singh.

On September 18, SEBI exonerated Adani Group companies, including Adani Enterprises, Adani Ports, and Adani Power, along with Chairman Gautam Adani, of all claims made by US short seller Hindenburg Research.

In his conversation with NDTV Profit, Singh characterized the regulator's decision as a major confidence booster. "This represents excellent news for the group and for India as a whole, considering the Adani Group's crucial role in India's development narrative. With reference to Adani Power, India requires substantial power infrastructure, and in my assessment, the nation would benefit from more business leaders like Adani," Singh stated.

#SEBI's Clean Chit To Adani: Big boost not only for #Adani Group but also for India, says @CrossbridgeView's Manish Singh. @Heeraal @_nirajshahBackground: https://t.co/QsfmMgOAc7 pic.twitter.com/Opd7ypVWMI

— NDTV Profit (@NDTVProfitIndia) September 19, 2025

Hindenburg Research had alleged in January 2023 that the group utilized three entities – Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure – to transfer funds between various Adani companies.

SEBI terminated all proceedings against the Adani Group, highlighting that all loans were fully repaid, funds were utilized for their intended purposes, and no evidence of fraud or unfair trade practices was discovered.

Singh emphasized the broader economic implications of SEBI's ruling. "This development is particularly important for India because capital costs significantly impact any country's economic growth trajectory. When investor confidence deteriorates, it inevitably leads to higher capital costs," he explained.

However, he advocated for thorough examination of any potential malicious intent behind such allegations. "I hope the Indian government considers investigating what transpired. It would be detrimental if this situation were to recur, especially if there was any deliberate attempt to damage the group's reputation," he remarked.

"The worst outcome would be diminished investor confidence and increased capital costs. Many people lack the resources to investigate beyond headlines. While providing this clearance is prudent policy, I believe any potential malicious intent should be investigated and exposed," Singh concluded.