Overview
- Two final orders found no evidence of insider trading, market manipulation or disclosure breaches by Gautam Adani, key executives and core group firms, and the proceedings were disposed of without penalties.
- Transactions highlighted by Hindenburg did not meet the related‑party definition under regulations applicable at the time, with SEBI noting that a broader standard became effective prospectively from April 1, 2023.
- Loans routed via Adicorp, Milestone Tradelinks and Rehvar Infrastructure were deemed genuine, interest‑bearing and fully repaid, with no proof of siphoning of funds or investor loss.
- Adani Group stocks rose after the orders, with gains across the pack including double‑digit moves in Adani Total Gas and strong advances in Adani Power, Adani Enterprises and Adani Ports.
- SEBI’s findings do not address separate international exposure, including a 2024 U.S. Justice Department indictment alleging an approximately $250 million bribery scheme.