Last Updated on September 19, 2025 12:27 am by BIZNAMA NEWS
The Securities and Exchange Board of India (Sebi) has closed proceedings against Adani Group companies, Chairman Gautam Adani, and associated entities in cases related to alleged fund diversion, related-party transaction (RPT) violations, and fraud.
In two separate orders, Sebi said the allegations raised by short-seller Hindenburg Research in 2023 were not substantiated. The regulator’s findings effectively bring closure to a controversy that had wiped out nearly ₹12 trillion in market value from the conglomerate, once India’s most valuable business group.
Sebi examined transactions involving Adani companies and entities flagged by Hindenburg, such as Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure. It concluded these could not be classified as RPTs. Consequently, claims of regulatory breaches on disclosure norms or fraudulent practices were dismissed.
“Having considered the matter holistically, I find that the allegations made against noticees are not established,” Sebi whole-time member Kamlesh Chandra Varshney wrote, disposing of the case without penalties.
The regulator also probed whether Adicorp acted as a conduit for routing funds within the group, and whether Adani Power and Adani Enterprises were indirectly funded via Milestone and Rehvar. Sebi determined there was no violation of disclosure or anti-fraud regulations under LODR and PFUTP.
