In two detailed orders, SEBI concluded that claims of insider trading, market manipulation and breaches of public shareholding norms were unsubstantiated following an extensive investigation.
Hindenburg, which has since ceased operations, published a damning report in January 2023 accusing the Adani Group of using three companies—Adicorp Enterprises Pvt Ltd, Milestone Tradelinks Pvt Ltd, and Rehvar Infrastructure Pvt Ltd—as conduits to transfer funds from various group firms to publicly listed entities Adani Power Ltd and Adani Enterprises Ltd.
However, SEBI board member Kamlesh C Varshney clarified in the orders that there was no breach of disclosure requirements, as the transactions between these three firms and other group companies did not qualify as related party dealings under the rules at the time.SEBI also found no evidence of violations relating to substantial acquisition of securities or control that might mislead investors.
“After a thorough investigation, SEBI has concluded there is no basis to hold the Adani entities or their executives liable or to impose penalties,” said the orders.
The regulator’s clean chit comes after months of scrutiny and market speculation prompted by Hindenburg’s report, which triggered a sharp sell-off in Adani Group stocks and wiped out more than $100 billion in market value at its lowest point.
The Adani Group has consistently denied all allegations contained in the Hindenburg report, with its shares having largely recovered.
A Supreme Court-appointed expert committee had earlier reached a similar conclusion, finding no prima facie evidence of any wrongdoing.
First Published: Sept 19, 2025 6:43 AM IS
