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SEBI fines Hindenburg-targeted Ebix for misrepresenting facts
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The Securities and Exchange Board of India (SEBI) has fined Ebix and its promoter Rs 6 lakh for misrepresenting facts in a press release regarding the Hindenburg Report. The regulator found that the press release downplayed the impact of revenue restatements, which showed a change of over 64%, and misrepresented ongoing court proceedings. EbixCash had previously withdrawn its plans to list in the Indian markets in 2023. SEBI noted that the disclosures failed to meet regulatory standards, raising concerns about transparency for potential investors.
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