<div id="readability-page-1"><div id="contentdata"><div>  <h2>The regulator examined, among other things, whether the press release provided incorrect disclosures about the Hindenburg Report. </h2> </div>  <p>EbixCash and its promoter Ebix, of which Hindenburg Research had written as having a &#34;glaring fake revenue problem&#34;, were found to be in violation of the public issue regulations including downplaying and misrepresenting facts in the press release issued in response to the short-seller's report.</p><p>Both the company and its promoter entity were jointly fined Rs 6 lakh by the market regulator on Thursday. EbixCash, which had planned to list in the Indian markets, had withdrawn from the process in 2023.</p><p>In the order dated December 19, the Securities and Exchange Board of India's (SEBI's) Adjudicating Officer Asha Shetty noted that the press release (dated July 6, 2023) issued by the promoter Ebix, with respect to the Hindenburg report, had &#34;downplayed the material impact of revenue restatements and misrepresented ongoing court proceedings&#34;.</p><p><strong>Also read: SEBI board meet: New laws, new approach; 9 key announcements and the one that didn't make it</strong></p><p><strong>Hindenburg's report</strong></p><p>The short-seller had released a report titled &#34;Ebix: This House of 'Cards' Seems to Have a Glaring Fake Revenue Problem&#34;. Ebix claimed that the press release issued in response to this report addressed the report's claims through public clarifications and legal actions.</p><p>The regulator examined, among other things, whether the press release provided incorrect disclosures about the Hindenburg Report. On examination, the regulator found that the press release claimed that the restatement of revenues was &#34;numerically immaterial&#34;, but the revenue figures restated saw a change of over 64 percent.</p><p>As the SEBI order said, &#34;The change of over 64% in revenue figures undermines the assertion of numerical immateriality and raises significant questions about the transparency of the disclosures made by the Noticee&#34;.</p><p>As the SEBI order said, &#34;the disclosures (made through the press release) failed to explicitly acknowledge the scale and materiality of the financial restatement&#34;.</p><p>It added, &#34;This omission is critical in the context of investor decision-making, particularly for prospective investors in EbixCash. The downplaying of substantial financial adjustments through misleading language in the press release constitutes a serious lapse in adherence to the disclosure standards under SEBI (ICDR) Regulations&#34;.</p><p><strong>On a legal process</strong></p><p>The SEBI order also said that the press release issued by Ebix misrepresented a judicial order as a definitive ruling against the Hindenburg Report, &#34;which is factually incorrect&#34;.</p><p>The Sessions Court in its interim order (dated July 5, 2022) had &#34;explicitly clarified that the injunction was provisional and not an opinion on the merits of the case&#34;.</p><p>SEBI order said, &#34;The Noticees’ claims that the press release contained adequate and compliant disclosures are not substantiated by the facts. The press release downplayed the material impact of revenue restatements and misrepresented ongoing court proceedings. The failure to obtain approvals from BRLMs (book running lead managers) before issuing the press release further compounds the violations.&#34;</p><p>The regulator found EbixCash and its promoter entity to be in violation of norms related to public communication in multiple instances.</p></div></div>

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<p>印度证券交易委员会（SEBI）对 Ebix 及其推广人处以 60 万印度卢比的罚款，原因是其在关于兴登堡报告的新闻稿中歪曲事实。监管机构发现，该新闻稿淡化了收入重述的影响，显示出超过 64% 的变化，并且对正在进行的法院程序进行了误导性陈述。EbixCash 此前已撤回其在 2023 年于印度市场上市的计划。SEBI 指出，这些披露未能达到监管标准，引发了对潜在投资者透明度的担忧</p>

印度证券交易委员会（SEBI）因 EBIX 公司虚假陈述事实对其进行罚款，该公司曾是 Hindenburg 的目标