Archive · 4 Sep 2026
SEBI Advances Enforcement Action In Adani-Hindenburg Case
India’s market regulator is investigating some trades connected to the Adani Group.
The trades allegedly happened before Hindenburg Research released a report in 2023.
The report was about the Adani Group.
SEBI believes some people may have known about the report before it became public.
It says those people may have made money by trading Adani-linked securities.
SEBI has started formal enforcement proceedings.
Personal hearings are now taking place.
The regulator is seeking to recover the gains it believes came from those trades.
India’s market regulator, SEBI, has advanced enforcement proceedings linked to the Adani Group case.
The proceedings concern trades allegedly made using advance knowledge of Hindenburg Research’s 2023 report.
Personal hearings are reportedly underway, according to Reuters sources.
SEBI is seeking to recover gains it believes were generated from the trades.
The alleged trades involved Adani-linked securities before Hindenburg published its report.
- Who
- The Securities and Exchange Board of India, Hindenburg Research, and unnamed people involved in the alleged trades.
- What
- SEBI has advanced enforcement proceedings over alleged trades made using advance knowledge of Hindenburg Research’s 2023 Adani Group report.
- When
- The alleged trades occurred before the report was published in 2023; personal hearings are now underway.
- Where
- The matter involves India’s market regulator; a specific hearing location was not stated.
- Why
- SEBI believes the trades generated gains using advance knowledge of the report and is seeking to recover those gains.
- Regulator
- Securities and Exchange Board of India (SEBI)
- Case
- Enforcement proceedings linked to trades involving Adani-linked securities
- Report
- Hindenburg Research’s 2023 report on the Adani Group
- Allegation
- Trades were allegedly executed using advance knowledge of the report
- Current status
- Personal hearings are underway
- SEBI’s action
- Seeking to recover gains it believes were generated through the trades
- Source
- Reuters, citing people familiar with the matter