SEBI clears Adani Group of Hindenburg allegations in two orders

The Securities and Exchange Board of India on Thursday cleared billionaire Gautam Adani and several Adani Group companies of key allegations made by U.S. shortseller Hindenburg Research, finding no evidence of stock manipulation, insider trading or related-party violations in two detailed orders, the regulator said. The decision, issued after a multi-year probe, covered firms including Adani Ports Special Economic Zone, Adani Power and Adicorp Enterprises and the group’s senior promoters, and said proceedings against those noticees were being disposed of without direction.

SEBI said its investigation found that the transactions at the centre of Hindenburg’s claims did not qualify as related-party dealings at the time they occurred because the regulatory definition was broadened only after a 2021 amendment. The regulator further noted that loans identified in the complaint were repaid with interest and that it found no evidence that funds were siphoned off or that financial statements contained material misrepresentations. “There was no violation of disclosure norms, no unfair trade practice and no basis for assigning liability,” SEBI board member Kamlesh C. Varshney said in the...