Archive · 29 Sep 2026
SEBI Clears Adani Group Settlement Over Shareholding Case
SEBI is India’s market regulator.
It allowed Gautam Adani, four Adani Group companies and others to close a case by paying Rs 1.4 crore.
The case involved a rule requiring listed companies to keep at least 25% of their shares with public investors.
SEBI’s order did not say whether the alleged rule violations were proven.
The regulator also examined whether Vinod Adani controlled certain foreign investment funds.
SEBI said that control was not established and that his role was advisory.
Two other people were each fined Rs 20 lakh for not giving complete information.
The Adani Group had previously rejected wider allegations made by Hindenburg Research.
SEBI allowed Gautam Adani, four Adani Group companies and 13 others to settle proceedings by paying Rs 1.4 crore.
The proceedings concerned alleged breaches of India’s 25% minimum public shareholding requirement.
SEBI’s settlement order did not state a regulatory finding on whether the alleged violations occurred.
SEBI said allegations that Vinod Adani controlled three foreign investment portfolios were not established, describing his role as advisory.
Nasser Ali Shaban Ahli and Chang Chung Ling were each fined Rs 20 lakh for failing to provide complete and accurate information.
- Who
- Gautam Adani, four Adani Group companies, 13 others, SEBI, Vinod Adani, Nasser Ali Shaban Ahli and Chang Chung Ling.
- What
- SEBI allowed a settlement of proceedings concerning alleged minimum public shareholding violations and separately cleared Vinod Adani of alleged control-related violations.
- When
- The settlement was announced on Monday; the complaints underlying the proceedings were received in June and July 2020.
- Where
- India’s securities market; the proceedings involved Adani Group companies and foreign investment portfolios.
- Why
- The proceedings followed complaints alleging non-compliance with the 25% minimum public shareholding rule and allegations concerning control over foreign portfolios.
Regulatory allegations
Adani Group and settlement position
Minimum public shareholding
Regulatory allegations
Complaints alleged that Adani Group companies failed to comply with India’s requirement that listed companies maintain at least 25% public shareholding.
Adani Group and settlement position
The companies proposed to settle the proceedings under the 2018 settlement regulations without admitting or denying the findings; SEBI’s order did not record a regulatory finding on the alleged violations.
Vinod Adani’s alleged control
Regulatory allegations
It was alleged that Vinod Adani controlled investments through Excel Investment, Global Opportunities Management Limited and Opal Investment Private Limited, potentially violating public-float and fair-trading rules.
Adani Group and settlement position
SEBI said the foundational allegations were not established, finding that Vinod Adani’s role in the two foreign portfolios was advisory and that business or financial ties did not by themselves establish control.
Broader Hindenburg allegations
Regulatory allegations
Hindenburg Research accused the Adani Group of accounting fraud, money laundering and stock-price manipulation in a January 2023 report.
Adani Group and settlement position
The Adani Group rejected those allegations; the settlement proceedings described here do not state that those broader accusations were proven.
- Settlement amount
- Rs 1.4 crore
- Minimum public shareholding rule
- Listed companies in India must maintain at least 25% public shareholding.
- Companies named in the case
- Adani Enterprises, Adani Power, Adani Ports and Special Economic Zone, and Adani Transmission, now known as Adani Energy Solutions.
- Complaints received
- June 2020 and July 2020
- Vinod Adani finding
- SEBI said effective control over Excel Investment, Global Opportunities Management Limited and Opal Investment Private Limited was not established.
- Separate penalties
- Nasser Ali Shaban Ahli and Chang Chung Ling were each fined Rs 20 lakh.
- Earlier Adani settlements
- Five Adani Group companies were allowed to settle separate proceedings for a combined Rs 1.5 crore.