Smoke, fire and fog: Looking beyond the haze of Hindenburg allegations

Rather than being ensnared by the specifics of individual allegations, our focus should be on safeguarding Sebi's integrity as an institution

There is no smoke without fire. While this is mostly true, sometimes fog is mistaken for smoke, and artificial smoke and fog can further blur the lines. The recent blog post by Hindenburg Research about the Securities and Exchange Board of India (Sebi) chairperson exemplifies this, appearing more like fog than smoke to the authors. Initially, we regarded Hindenburg as a research institution. However, a closer look at its work prompted us to doubt the appropriateness of the term “Research” in its name. The blog post appears motivated, as it comes as a reaction from an interested