(Reuters) -Hindenburg Research said on Monday it received a "show cause" letter from market regulator Securities and Exchanges Board of India (SEBI) after the U.S. short-seller put out a report on Adani Enterprises last year.

The letter outlined suspected violations of regulations in the country, the research firm said in a blog post.

SEBI made the "nebulous allegation" that Hindenburg's report "contained certain misrepresentations/inaccurate statements" to "mislead readers," the company added.

"In our view, SEBI has neglected its responsibility, seemingly doing more to protect those perpetrating fraud than to protect the investors being victimized by it," Hindenburg said.

India's Supreme Court had said in January the Adani Group did not need to face more investigations beyond the current scrutiny of the market regulator, providing relief for the conglomerate hit hard by the U.S. short-seller's allegations of wrongdoing.

SEBI had been probing the Adani group, led by billionaire Gautam Adani, after Hindenburg Research alleged in January 2023 there was improper use of tax havens and stock manipulation by the group.