No violations: Sebi gives clean chit to Adani Group in Hindenburg case

20-Sep-2025

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The Securities and Exchange Board of India (Sebi) on September 17 cleared Adani Group and its Chairman Gautam Adani of allegations by US-based Hindenburg Research, reported PTI.

Hindenburg had released a report alleging that the Adani Group routed funds through three companies to conceal related-party transactions.

In two separate orders, Sebi found no violations. The regulator noted that at the time, such transactions with unrelated parties were not considered related party dealings. The definition of related party transactions was expanded only after a 2021 amendment.