The Securities and Exchange Board of India (SEBI) has given a clean chit to the Adani Group and its key promoters, including Gautam Adani and Rajesh Adani, in connection with allegations raised by U.S.-based short-seller Hindenburg Research. After a comprehensive investigation, the regulator confirmed that no evidence was found to support claims of regulatory violations, insider trading, or unfair trade practices.
Hindenburg had alleged that Adani entities such as Adani Ports & SEZ, Adani Power, and Adani Enterprises engaged in questionable dealings that breached SEBI norms. The report accused the conglomerate of routing funds through companies like Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure to disguise related-party transactions and potentially mislead investors.
In its orders, SEBI noted that these transactions did not fall under the definition of related-party dealings at the time they were executed, as the regulatory framework was only broadened following a 2021 amendment. The regulator further clarified that the loans in question were repaid with interest, and there was no evidence of funds being diverted. On this basis, SEBI concluded that there was no fraud or malpractice and decided to drop all proceedings against the group.
This development comes after the Supreme Court of India, in January 2024, ruled that no further probes into Adani Enterprises should proceed beyond SEBI’s investigation, underscoring that the regulator’s findings would be decisive.
Responding to the verdict, Gautam Adani took to X to reiterate the group’s long-standing position: “After an exhaustive investigation, SEBI has reaffirmed what we have always maintained, that the Hindenburg claims were baseless.”
He further added, “We deeply feel the pain of the investors who lost money because of this fraudulent and motivated report. Those who spread false narratives owe the nation an apology. Our commitment to India’s institutions, to India’s people and to nation building remains unwavering.”
With SEBI’s clean chit, the Adani Group has effectively closed a major chapter in the controversy triggered by the Hindenburg report, which had shaken investor confidence and led to significant market volatility. The regulator’s decision now provides regulatory clarity and restores credibility for the conglomerate in India’s capital markets.
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