Overview

• SEBI’s whole‑time member Kamlesh Varshney found the show‑cause allegations unestablished and disposed of the proceedings without directions or penalties.
• Transactions routed via Adicorp, Milestone Tradelinks and Rehvar were treated as interest‑bearing loans fully repaid within the probe period, with the broadened related‑party definition taking effect only from April 2023.
• The orders reported no evidence of insider trading, market manipulation, siphoning of funds or loss to shareholders, clearing Adani entities and executives including Gautam and Rajesh Adani and CFO Jugeshinder Singh.
• Gautam Adani welcomed the outcome, calling the Hindenburg claims baseless and saying those who spread false narratives owe the nation an apology.
• Adani Group shares rallied in early trade, with several stocks posting gains up to roughly 19%, even as other SEBI matters and a separate US Department of Justice bribery case remain unresolved.