SEBI Clears Adani Group of Related Party Transaction Violations in Hindenburg Case

Adani group chairman Gautam Adani on Thursday said the Securities and Exchange Board of India’s order has “reaffirmed” the conglomerate’s stand against allegations raised by US short seller Hindenburg Research.

“Hindenburg claims were baseless. Transparency and integrity have always defined the Adani group,” Adani said on X, adding that those who spread false narratives “owe the nation an apology”.

In its final order, SEBI said it did not find any violation of listing norms by the group and held that the impugned transactions did not qualify as related party transactions. The regulator also said the deals cannot be classified as manipulative, fraudulent, or unfair trade practices.

The order relates to Hindenburg’s 2023 claims that Adani Ports and Special Economic Zone Ltd., Adani Enterprises Ltd., and Adani Power Ltd. used conduit entities to route funds. The short-seller had accused the group of accounting fraud and market manipulation, which triggered a sharp fall in the conglomerate’s listed companies’ shares.