SEBI Clears Adani Group & Gautam Adani Of Hindenburg Allegations

The Securities and Exchange Board of India (SEBI) concluded that the Adani Group and its Founder, Gautam Adani, did not engage in deceptive market practices. They also found no evidence of unreported related-party transactions, clearing them of allegations by Hindenburg Research.

SEBI’s probe found that purported loans and fund transfers were repaid in full and were not routed through related parties. The regulator noted that transactions through Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure did not violate disclosure norms under the 2021 LODR amendments. As a result, no liability or penalty has been imposed on Adani Ports, Adani Power, Gautam Adani, or Managing Director Rajesh Adani. SEBI concluded that there was no violation of Section 12A of the SEBI Act or PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations. The orders resolve ongoing proceedings and come after a Supreme Court committee reviewed alleged regulatory failures related to the group.