SEBI settles proceedings against five Adani firms

India's Securities and Exchange Board of India settled adjudication proceedings against five Adani Group companies on September 22, 2026, with the firms collectively paying about 1.5 crore to resolve allegations stemming from the 2023 Hindenburg Research report. The proceedings concerned alleged non-disclosure of related-party transactions and instances where audit or limited review reports were signed by audit firms without a valid peer review certificate. The companies involved are Adani Enterprises Ltd, Adani Green Energy Ltd, Adani Total Gas Ltd, AWL Agri Business Ltd (formerly Adani Wilmar Ltd) and Adani Energy Solutions Ltd (formerly Adani Transmission Ltd). Under the settlement terms, Adani Enterprises paid 76.05 lakh, Adani Green Energy paid 45.50 lakh, and Adani Total Gas, AWL Agri Business and Adani Energy Solutions each paid 9.75 lakh. The companies proposed to settle the proceedings without admitting or denying the allegations. The case originated from SEBI's examination of allegations raised in Hindenburg Research's January 2023 report, which accused the conglomerate of stock manipulation, accounting fraud and the use of offshore shell entities.