Markets set to open flat as SEBI asks investors to remain calm amid fresh Hindenburg allegations
The Hindu
Indian markets poised to remain stable despite allegations against SEBI chief
Indian shares are likely to open flat on Monday (August 12, 2024), with the Securities and Exchange Board of India (SEBI) asking investors to remain calm following short-seller Hindenburg Research's allegations against the head of the country's markets regulator.
The Gift Nifty was trading at 24,362.5, as of 07:47 a.m IST, indicating that the benchmark Nifty 50 will open near its Friday's close of 24,367.5.
Over the weekend, U.S.-based Hindenburg alleged that Madhabi Puri Buch, the head of SEBI, previously held investments in offshore funds also used by the Adani Group.
Ms. Buch denied the allegations and said all investments had been duly disclosed.
In a separate statement, the markets regulator asked investors to remain calm and exercise due diligence before reacting to the report.
The Association of Mutual Funds in India — a lobby for mutual funds — also stepped in to assure investors, saying India's financial system is secure and transparent.
These allegations do not have any implications for corporate earnings or macro fundamentals of Indian markets. At best, they may have a minor, perception-driven impact, said two analysts, on a likely Street reaction to the U.S. short-seller's allegations.
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