Thread by @sritara

1THREAD on the investigation conducted by @MSCI_Inc on the “true” extent of “free float” of #Adani Group companies confirms prima facie the core allegation of the #Hindenburg report that the “public” shareholding is in violation of SEBI’s regulations.SEBI napping for >18 months?

2 MSCI reveals that several constituents of the Adani Group can no longer be eligible for its indices is damning indication that SEBI has been in gross dereliction of its key duties as a regulator.
economictimes.indiatimes.com/markets/stocks…

3. MSCI, which had undertaken a review of its indices in which Adani Group company shares were constituents, immediately after the Hindenburg revelations. Contrast this to the Indian market regulator who has been sleeping at the wheel for 18 months.

https://twitter.com/MahuaMoitra/status/1623531283770118151?s=20&t=wsr8xCe30VifWXY5eDznHQ

4. “MSCI has determines that the characteristics of certain investors have sufficient uncertainty that they should no longer be designated free float pursuant to our methodology,” said the index provider.

5. No wonder Hindenburg founder Nathan Anderson says: “We view this as validation of our findings.”

6. The extent of actual free float lies at the very heart of the #Hindenburg allegations — inflated valuation of companies, their rapid growth and increasingly leveraged debt and all other issues emanate fundamentally from this core.

7. While a pvt market research co addressed the issues of the credibility and integrity of its indices, the natl watchdog has been revealed as a hapless spectator at worst, or one that is indulgent to oblige the demands of a buccaneering whims of a corporate czar at best. (END)

pl unroll @threadreaderapp