New Delhi, September 18, 2025 – The Securities and Exchange Board of India (SEBI) has officially cleared Gautam Adani and his group of companies of all allegations made by US-based short-seller Hindenburg Research.
In its orders, SEBI stated that charges of insider trading, market manipulation, and violations of public shareholding norms were unsubstantiated. The regulator found no evidence that the Adani Group used related parties to funnel money into its listed firms.
SEBI’s Findings
SEBI board member Kamlesh C. Varshney, in his ruling, clarified that:
The transactions under scrutiny did not fall within the definition of related-party dealings.
There was no breach of disclosure rules.
No violations were found under substantial acquisition of securities or control regulations.
As a result, SEBI concluded there was no basis to impose penalties or liabilities on Adani Group companies or their executives.
Background of the Case
The clean chit comes more than two years after Hindenburg Research’s January 2023 report, which accused the Adani Group of stock manipulation and financial irregularities. The report triggered a sharp decline in Adani company shares and raised global concerns.
The Adani Group had consistently denied the claims, calling them “false” and “malicious.” A Supreme Court-appointed expert panel had earlier echoed SEBI’s conclusion, finding no prima facie evidence of wrongdoing.
What This Means
The SEBI order is a major relief for the Adani Group, which has been battling regulatory scrutiny, market volatility, and reputational challenges since the Hindenburg report. The decision is likely to restore investor confidence and ease concerns around corporate governance in one of India’s largest conglomerates.
Gaurav Chaudhary