File image of Gautam Adani
| Photo Credit: Reuters
The Securities and Exchange Board of India (SEBI) on Thursday gave a clean chit to Adani Group, stating that the group companies — Adani Ports & Special Economic Zone Limited and Adani Power Ltd. — had not violated regulations as alleged by U.S.-based shortseller Hindenburg Research.“Having considered the matter holistically, I find that the allegations made against noticees in the SCN [show cause notice] are not established. Considering the above, the question of devolvement of any liability on noticees does not arise and hence the question of determination of quantum of penalty also does not require any deliberation,” said SEBI Whole Time Member Kamlesh Chandra Varshney. “The transactions cannot be classified as manipulative or fraudulent transactions or unfair trade practice as there was no allegation of siphoning off of money or diversion of fund; all the money has come back with interest before the start of the investigation; and the impugned transactions have not been held as related party transactions,” SEBI said in the final order.Responding to the outcome of the probe, Adani Group chairman Gautam Adani said, “After an exhaustive investigation, SEBI has reaffirmed what we have always maintained, that the Hindenburg claims were baseless.” “We deeply feel the pain of the investors who lost money because of this fraudulent and motivated report,” he said in a post on X. Published - September 18, 2025 06:50 pm IST
