Overview

• Two final orders dated Sept. 18 disposed of proceedings with no penalties against Gautam Adani, Rajesh Adani, CFO Jugeshinder Singh, Adani Ports, Adani Power, Adani Enterprises, and entities including Adicorp, Milestone and Rehvar.
• The regulator found no evidence of insider trading, market manipulation, fund siphoning or PFUTP violations, concluding the disputed flows were genuine, interest‑bearing loans fully repaid before the probe.
• SEBI noted the broader related‑party transaction definition took effect after the 2018–23 period under review, so the indirect routing alleged did not trigger disclosure or approval requirements then.
• Adani group stocks rallied, adding nearly Rs 66,000 crore in market value, with intraday gains up to about 13% in some names and Adani Power closing up 12.4%.
• A Supreme Court‑appointed panel had earlier reported no prima facie wrongdoing on these issues, though a separate U.S. Department of Justice bribery indictment from 2024 remains unresolved.