SEBI says Adani firms paid 15 million rupees to settle disclosure violations
Bengaluru, September 22, 2026
India's markets regulator said on Tuesday that four Adani companies, including the flagship Adani Enterprises (ADEL.NS), opens new tab and a former group firm, have paid 15.1 million rupees ($157,966.31) to settle proceedings over alleged disclosure violations.
The Securities and Exchange Board of India (SEBI) in its order said Adani Enterprises had allegedly failed to disclose a related-party transaction in its annual report for the year ended March 2013.
The other companies, including AWL Agri Business Ltd (formerly, Adani Wilmar Ltd), were found to have filed certain audit or review reports signed by firms that did not hold a valid peer review certificate at the time.
SEBI had sent show-cause notices to these companies, outlining its allegations, in 2024. They settled without admitting or denying guilt.
These instances were part of 24 cases that the regulator had investigated following allegations by short-seller Hindenburg Research in January 2023 that the Gautam Adani-led group manipulated its share prices through the use of tax havens.
An Adani spokesperson did not immediately respond to Reuters request for comment on whether this settles all pending litigation.
The group has denied these allegations in the past.
The settlement further reduces regulatory uncertainty hanging over the Adani Group following the Hindenburg report.
Over the last year, SEBI has allowed settlements in several investigations arising from the review, including disclosure violations, alleged insider trading and audit-compliance. It separately closed proceedings in a case that examined whether inter-company loans were routed in a way that masked related-party transactions.
However, probes into whether certain offshore investors were used to circumvent Indian rules that require 25% of shares to be held by public shareholders and whether there was manipulation in trading of Adani Group shares are still pending.
[Reuters]
