The Securities and Exchange Board of India (SEBI) has officially exonerated Gautam Adani, his brother Rajesh Adani, and Adani Group companies including Adani Ports, Adani Power, and Adicorp Enterprises. The final order was passed on September 18, 2025, closing the matter completely.
SEBI Findings
According to SEBI’s Whole-time Member Kamlesh Chandra Varshneya, “I find that the allegations made against Noticees in the SCN 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.” This statement confirms that no penalties or liabilities apply to the Adani Group.
Gautam Adani’s Response
Gautam Adani, Chairman of Adani Group, welcomed SEBI’s ruling and called the claims by Hindenburg Research “baseless”. He expressed sympathy for investors who were impacted by the report and demanded an apology from those spreading false information.
In a post on the social media platform X, Gautam Adani said: “After an exhaustive investigation, SEBI has reaffirmed what we have always maintained, that the Hindenburg claims were baseless. Transparency and integrity have always defined the Adani Group.” He added, “We deeply feel the pain of the investors who lost money because of this fraudulent and motivated report. Those who spread false narratives owe the nation an apology. Our commitment to India’s institutions, to India’s people and to nation building remains unwavering.”
Background: Hindenburg Research Claims
On January 24, 2023, Hindenburg Research released a report alleging that Adani Group’s flagship companies, Adani Enterprises Ltd and Adani Power Mundra, received funding from Milestone Tradelinks Pvt. Ltd and Rehvar Infrastructure Pvt. Ltd via Adani Infra (India) Ltd in 2020-21. The short seller questioned the origin of these funds within the conglomerate.
Conclusion
SEBI’s final order clears all allegations against the Adani Group, confirming that the Hindenburg report was unsubstantiated. Gautam Adani’s statement emphasizes the Group’s commitment to transparency, integrity, and investor protection. This marks a significant moment in India’s corporate governance and financial markets.
SEBI Probe into Adani Group Not Yet Over: Bloomberg
India’s market regulator SEBI is still investigating certain accusations against the Adani Group, Bloomberg reported, including whether it complied with minimum public shareholding rules. At least three to four cases remain under review, and some stakeholders have yet to respond to the regulator.
While SEBI cleared the group of some allegations in its latest orders, Bloomberg noted that the probe is not fully complete. This means more Sebi rulings on the Adani Group are likely in the coming months.
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