SEBI settles Hindenburg-related proceedings against Adani Group entities

Securities and Exchange Board of India (SEBI) settled adjudication proceedings against the five Adani group companies, for an amount of ₹1.5 crore, according to an order released September 22, 2026.The proceedings relate to the now defunct short seller-researcher Hindenburg’s allegations regarding undisclosed related party transactions (RPTs) as well as violation of disclosure and corporate governance norms. Following this, the capital markets watchdog carried out an investigation into Hindenburg’s allegations of listing regulation and equity listing agreement violations.In the investigation, SEBI found that Adani Enterprises Ltd. (AEL) said RPTs between Adani Estates Private Limited, a subsidiary of AEL and Vakoder Investment Ltd., a related party of AEL, were not disclosed in the Annual Report for FY2013. In addition to this, the company had violated other laws and rules under the Listing Obligations and Disclosure Requirement,(LODR) and clauses in listing agreement. The other four companies, Adani Total Gas Ltd., AWL Agri-Business Ltd. , Adani Green Energy Ltd. and Adani Energy Solutions Ltd. too were found violating LODR regulations, sections under SEBI Act and NSE, BSE bye laws. ATGL, AABL, and AGEL violated LODR sections pertaining to non-peer-review of audit reports. AESL violated sections under the NSE and BSE Bye law in addition to clauses under its listing agreement.SEBI sent a show cause notice to the five companies asking them to explain why an inquiry should not be held and penalties imposed for the alleged violations. Pending adjudication proceedings, the five companies proposed to settle with the regulator without admitting or denying the allegations.Based on the settlement terms recommended by SEBI’s High Powered Advisory Committee, AEL paid ₹76.05 lakh, AGEL ₹45.50 lakh and the rest of the companies paid ₹9.75 lakh each.“In view of the acceptance of the settlement terms and the receipt of settlement amount by SEBI, the instant adjudication proceedings initiated against the Applicants vide SCN dated February 15, 2024 is disposed of in terms of section 15JB of the SEBI Act and section 23JA of the SCRA read with regulation 23(1) of the Settlement Regulations on the basis of the settlement terms,” SEBI said in the settlement order. Published - September 22, 2026 09:15 pm IST