SEBI clears Adani Group of Hindenburg allegations

India’s market regulator SEBI has officially cleared Gautam Adani, Rajesh Adani, and several Adani Group entities—including Adani Ports & SEZ, Adani Power

and Adani Enterprises—of all allegations raised by US-based short-seller Hindenburg Research.

The allegations, which included claims of insider trading, market manipulation, and violations of public shareholding norms, were found to be unsubstantiated after a detailed investigation.

SEBI stated that the charges outlined in the show-cause notice were not established and confirmed that there was no breach of the SEBI Act related to fraudulent or unfair trade practices.

It also found no violations involving substantial acquisition of securities or control that could mislead investors.

As a result, SEBI concluded that there was no basis for assigning liability or imposing penalties on the Adani entities or executives.

The regulatory clean chit follows months of scrutiny and speculation triggered by Hindenburg’s explosive report in early 2023.

The Supreme Court-appointed expert panel had earlier echoed similar findings, noting no prima facie evidence of wrongdoing.