Sebi Settles Public Shareholding Case With Adani Group

The Securities and Exchange Board of India settled proceedings on Monday against four Adani Group companies and several directors, including Gautam S. Adani and Rajesh S. Adani. The settlement resolves allegations that the companies violated minimum public shareholding requirements, a case that originated from complaints in mid-2020.

The investigation led to show-cause notices issued in September 2024 and March 2025. The affected entities include Adani Enterprises Ltd, Adani Power Ltd, Adani Ports and Special Economic Zone Ltd, and Adani Energy Solutions Ltd, formerly known as Adani Transmission Ltd.

Under the terms of the agreement, each of the four company groups paid ₹37.05 lakh in August. The regulator agreed to dispose of the proceedings and will not initiate further enforcement action for these specific allegations. The settlement was reached without an admission of guilt, though the regulator retains the right to restore proceedings if any representations made during the process are found to be untrue.