Overview

• Two final orders on 18 September disposed of the show‑cause notices without directions or penalties after a detailed investigation.
• SEBI found that funds routed via Adicorp, Milestone Tradelinks and Rehvar Infrastructure were bona fide, interest‑bearing loans fully repaid before the probe.
• The transactions did not meet the related‑party definition in force during 2018–23, as the broader LODR amendment adopted in 2021 applies prospectively.
• Charges of insider trading, market manipulation and violations of public shareholding norms, PFUTP and Section 12A were not established for Gautam Adani, Rajesh Adani or key group firms.
• Gautam Adani welcomed the ruling and sought apologies from critics, while separate U.S. Department of Justice charges from 2024 remain outside SEBI’s orders.