Adani scandal puts India stock regulators' reputation on the line

India has successfully differentiated itself from other EMs, and even from China, through the transparency of its markets, quality of its markets regulator and its protections for minority investors

It looks as though the Adani Group’s attempt to wrap itself in the Indian tricolor and see if criticism bounces off the flag may succeed. If the Indian government becomes a participant in the conglomerate’s effort, however, it would be doing itself and all Indians a great disservice.
 

In its rebuttal to short-seller Hindenburg Research’s claims of stock manipulation, tycoon Gautam Adani’s company made its strategy clear: Hindenburg’s accusations were, said Adani, “a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India.”

This is, of course, not true. Hindenburg