SEBI Clears Pranav Adani, Closes Adani Green Insider-Trading Case

Overview

• SEBI issued a detailed order on Dec. 12, 2025 disposing of a November 2023 show-cause notice without penalties or directions.
• The probe assessed whether Pranav Adani shared unpublished price-sensitive information about Adani Green Energy’s planned SB Energy acquisition with relatives Kunal and Nrupal Shah.
• Regulators reviewed trading in AGEL between Jan. 28 and Aug. 20, 2021 after appointing an investigating officer on Apr. 20, 2023 and issuing a common notice later that year.
• SEBI concluded a May 16, 2021 phone call did not convey UPSI and found contemporaneous news reports had already made key deal details generally available.
• The order held the Shahs’ trades were genuine, executed after the information entered the public domain, and did not breach insider-trading rules.