Gautam Adani, four firms from his group, and 13 other companies have reached an agreement with the market regulator Securities and Exchange Board of India (Sebi), paying a cumulative sum of 1.48 crore rupees. These funds were paid to settle disputes concerning alleged non-compliance with minimum public shareholding norms.
This is the third settlement deal concluded by Sebi this month involving the conglomerate engaged in coal mining and port activities. The case concerned alleged violations of minimum public ownership requirements for certain public companies.
The market regulator issued a notice demanding explanations in September 2024. This followed investigations initiated in June and July 2020 in response to a series of complaints. Based on preliminary analysis, Sebi began an investigation in October 2020, which covered companies such as Adani Enterprises, Adani Power, Adani Ports and Special Economic Zone, and Adani Energy Solutions (formerly Adani Transmission).
An additional notice was sent to these entities in March 2025. Subsequently, the companies filed settlement applications, neither admitting nor denying Sebi's findings. In addition to the group firms, the agreement also closes proceedings against Adani Enterprises director Rajesh Adani and board member Pranav Adani, among others.
In May of this year, Sebi's internal committee informed the companies about revised settlement terms, and a high-level advisory committee approved these terms in June. After the settlement amount was transferred in August 2026, the regulator closed the proceedings against the companies and individuals.
Last week, five companies from the Adani group settled legal disputes with Sebi for 1.51 crore rupees due to alleged disclosure violations regarding related party transactions. This case arose after a Sebi investigation into allegations of undisclosed Related Party Transactions (RPTs) and corporate governance violations noted in a report by the now defunct Hindenburg Research.
Earlier this month, Karan Adani, Director of Adani Ports and Special Economic Zone (APSEZ), and B Ravi, CFO, settled disputes with the market regulator regarding PMC Projects. Under the settlement mechanism, both paid 13.65 lakh rupees each, after which the proceedings were closed. The settlement order dated September 10 indicated that the investigations concerned banking operations and interbank deposits in PMC Projects (India), APSEZ, and its subsidiaries.
Last September, Sebi concluded proceedings against the Adani group companies, Gautam Adani group chairman, and associated entities facing allegations of fund diversion, violation of Related Party Transaction (RPT) norms, and fraud. In two separate orders, the regulator acquitted the group on charges brought by short-seller Hindenburg Research in 2023, effectively concluding the scandal that triggered a 12 trillion market crash.