Adani Group Companies Settle SEBI Proceedings For Rs 1.5 Cr

Five Adani Group companies have settled adjudication proceedings with the Securities and Exchange Board of India (SEBI) for a total amount of ₹1.5 crore, according to a settlement order released on September 22, 2026.

The proceedings followed SEBI’s investigation into allegations made by the now-defunct short seller Hindenburg Research concerning undisclosed related party transactions (RPTs) and alleged violations of disclosure and corporate governance requirements.

During its investigation, SEBI found that Adani Enterprises Limited (AEL) had not disclosed certain RPTs involving Adani Estates Private Limited and Vakoder Investment Limited in its FY2013 Annual Report. SEBI also identified alleged violations of provisions under the Listing Obligations and Disclosure Requirements (LODR) regulations and the listing agreement.

Adani Total Gas Limited (ATGL), AWL Agri Business Limited (AABL), Adani Green Energy Limited (AGEL) and Adani Energy Solutions Limited (AESL) were also found to have violated various regulatory provisions, including LODR requirements and applicable stock exchange rules.

The companies proposed to settle the proceedings without admitting or denying the allegations. Under the settlement terms recommended by SEBI’s High Powered Advisory Committee, AEL paid Rs 76.05 lakh, AGEL Rs 45.50 lakh, while ATGL, AABL and AESL paid Rs 9.75 lakh each.

Following acceptance of the settlement terms and receipt of the settlement amounts, SEBI disposed of the adjudication proceedings under the applicable provisions of the SEBI Act, SCRA and Settlement Regulations.