Jethmalani said that the announcement prior to its alleged big revelation itself reveals its motive: to destabilise India’s stock markets.

“The pre-publicity ill behoves a reputed ‘research analyst’. As regards the ‘big’ something there is nothing new against the #Adani group. The target is now the regulator- #SEBI’s -Chairperson #MadhabiPuriBuch, the lawyer posted on X social media platform.

The markets regulator had issued a notice to Hindenburg regarding its allegations.

“Instead of responding to these, Hindenburg has chosen to attack its Chairperson on the ground of conflict of interest (more on the grounds on which the attack is based after Ms Buch issues a detailed statement as announced; suffice it to say that the grounds are prima facie rubbish),” Jethmalani emphasised.

According to him, the picture thus is one of a US-based “profiteer who made millions of dollars at the cost of Indian retail investors” now hedging questions legitimately asked by the Indian regulator and “brazenly defaming the latter without answering its questions”.

Jethmalani further argued that this reeks of colonial arrogance of days bygone and contempt by a rich country national fortified by safe harbour, of the economic sovereignty of an emerging nation.

“And as is to be expected a host of left-leaning media outlets - slaves to foreign masters all and wannabe rulers with their help- have called for Ms Buch’s head,” said the senior lawyer.

He noted it is time for the government to turn its serious attention to these “anti-nationals who have no other agenda but to disrupt India’s social fabric, distort its polity and now devastate its economy.”

Earlier in the day, SEBI chief Madhabi Puri Buch and her husband Dhaval also rebutted the report and termed it an attempt at "character assassination" in response to SEBI's action against the Hindenburg.