How could a handful of Mauritius-domiciled funds, each holding 90-plus percent of its assets in Adani shares, sail past SEBI’s radar? SEBI’s public stance is that any short-term pain is acceptable if it cleans up market opacity. Against that backdrop, SEBI’s crackdown looks less like regulatory overreach and more like catching up with global norms. Turning the Gaze Inward: SEBI’s Own TransparencyEven as SEBI tightens screws on market participants, civil-society groups say the regulator must lead by example. The Hindenburg-Adani episode shredded some of that trust; SEBI’s new disclosure architecture is an attempt to stitch it back together.