Pranav Adani Denies Insider Trading Allegations In Adani Green Deal

Pranav Adani, director at several Adani Group companies, has denied media reports suggesting the Securities and Exchange Board of India has accused him of violating insider trading norms.

"I categorically state that I have not violated any securities laws, including the insider trading regulations," Adani said in a company statement issued Friday. He added that he filed a settlement application "to put an end to the matter, without admission or denial of the allegations."

According to a Reuters report citing a source and a reviewed document, SEBI last year sent Adani a notice alleging that he shared information about Adani Green Energy Ltd.’s planned acquisition of SoftBank-backed SB Energy Holdings Ltd. with his brother-in-law, Kunal Shah, before the deal was public.

In 2021, Adani Green had announced the acquisition of SB Energy’s 4,954-megawatt renewable energy portfolio. The report said Adani became aware of the deal two to three days before it was finalised on May 16, 2021. Kunal Shah and his brother Nrupal Shah allegedly traded in Adani Green shares based on that information and earned profits of over ₹9 million, the report added.

SEBI reportedly offered a settlement to the Shah brothers, but they chose to contest the charges, citing stringent terms.