India’s Securities and Exchange Board (Sebi) has officially dismissed allegations of stock manipulation and financial fraud against billionaire Gautam Adani and his conglomerate, which were initially raised by US short-seller Hindenburg Research. The investigation, launched in 2023 following Hindenburg’s explosive report, concluded that Adani’s companies did not violate regulatory norms. Sebi’s findings revealed no evidence of undisclosed transactions between Adani’s firms and related parties, nor any signs of market manipulation, money siphoning, or investor losses. Adani, one of Asia’s wealthiest individuals, celebrated the decision on social media, stating that Sebi’s ruling reaffirmed the baseless nature of Hindenburg’s claims. The allegations had previously caused Adani’s group to lose over $100 billion in market value within days. The controversy also fueled political tensions in India, with the opposition Congress party accusing Prime Minister Narendra Modi’s BJP of inaction. Hindenburg’s founder, Nate Anderson, recently announced the dissolution of the firm, citing personal reasons. The case underscores the complexities of financial scrutiny and the impact of short-selling on global markets.