In a major development, the Securities and Exchange Board of India (SEBI) has given a clean chit to industrialist Gautam Adani and the Adani Group, dismissing allegations made by US-based short-seller Hindenburg Research nearly two years ago. SEBI stated that its investigation found no evidence of stock manipulation, accounting fraud, or illegal fund diversion involving the group’s listed companies.
The market regulator issued two separate orders on Thursday, confirming that there were no violations related to insider trading, market manipulation, or public shareholding norms. It further clarified that the Adani Group had not misled investors or breached any market rules, and therefore no penalties were necessary.
#WATCH | Mumbai: On SEBI giving a clean chit to the Adani Group in the Hindenburg case, Senior Advocate Amit Desai says, "… I think this order is going to be sustainable in the long run. It's not going to be easy for this order to be set aside. I'm not so sure whether there… pic.twitter.com/arK7Yhk8e8
— ANI (@ANI) September 18, 2025
In January 2023, Hindenburg Research had alleged that firms such as Adani Power Limited and Adani Enterprises Limited diverted funds through entities like Adicorp Enterprises Private Limited and Milestone Tradelinks Private Limited. However, SEBI’s probe found no evidence supporting these claims, concluding that the Adani Group companies had not committed any wrongdoing.