"Hindenburg is a financial institution located in America. They do the business of short-selling in different share markets. This is a conspiracy to attack the Indian stock market. Attempts are going on to disrupt and weaken the economy of India. Those standing with Hindenburg want to destroy the economy of India. Whether it is the Congress or the rest of the Opposition... This is a conspiracy against India and the Congress is standing with this conspiracy," Nirupam told ANI over the Hindenburg-Adani-SEBI row. 

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According to the ANI report, the Hindenburg-Adani-SEBI row erupted on August 10 when Hindenburg Research claimed that SEBI Chairperson Madhabi Buch and her husband owned undeclared shares in offshore businesses involved in the Adani money syphoning affair. In response, Madhabi Buch and her husband released a joint statement denying the claims and accusing Hindenburg of character assassination.

In their statement, as per the ANI report, the pair stated, "Our lives and finances are open. All essential disclosures have been made to SEBI over the years. We are happy to provide all financial documents to any entity that requests them. It is regrettable that Hindenburg Research, against whom SEBI has filed an enforcement case, has chosen to engage in character assassination."

Reportedly, Hindenburg Research had previously expressed concerns about the Adani Group's financial procedures, resulting in a large reduction in the company's stock price. The claims, which included stock manipulation and fraud, were based on papers obtained from a whistleblower and other investigations.

In January 2024, the Supreme Court of India rejected to transfer the investigations into the charges against the Adani Group to a Special Investigation Team (SIT) and ordered SEBI to conclude its investigation into two ongoing cases within three months. Earlier, the Supreme Court denied a petition seeking a review of its order to have SEBI examine the Adani-Hindenburg matter, the news agency report stated.