New Delhi: It came, it saw but could not conquer!

But it created more than its share of noise causing some sleepless nights for all the relevant stakeholders.

Of course, its main target, Adani Enterprises, managed to mitigate the crisis, though, losing some of its sheen and not just market cap.

Adani apart, it caused collateral damage putting a question mark over the integrity of the chief of the securities market and investor protection regulator, the Securities and Exchange Board of India (SEBI). The chief, however, denied any wrongdoing.

While the incumbent SEBI chief weathered the storm, Hindenburg, specialising in forensic financial research and founded by Nate Anderson, exited the scene rather abruptly this year leaving many of its fans and critics equally bewildered.

At a time when the Adani-Hindenburg saga appeared to have died a tame death, another chapter has just unfolded. The Union government has initiated the process to find a successor for SEBI chief Madhabi Puri Buch. For the record, the three-year term of Buch as SEBI chairperson ends on February 28.

The subtext is critical: The advertisement casts a shadow over extension to Buch, almost ruling it out. The rule book says as per the SEBI Act, SEBI chairman is appointed for a maximum period of five years or till 65 years, whichever is earlier. The normal precedent is a tenure of three years with a provision for an extension of........

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