SEBI clears Adani Group of some Hindenburg allegations

Adani SEBI [https://invezz.com/wp-content/uploads/2025/09/20250918_2005_Adani-and-SEBI-Decision_simple_compose_01k5ekz85geywtnfsap8jtwh4f.png] India’s market regulator, Securities and Exchange Board of India (SEBI), has absolved the Adani Group and its billionaire founder Gautam Adani of certain allegations of financial impropriety linked to related-party transactions. The decision marks a partial reprieve for the conglomerate following intense scrutiny since early 2023, when US short seller Hindenburg Research published a report accusing the group of large-scale corporate fraud. SEBI FINDINGS ON RELATED-PARTY TRANSACTIONS SEBI said on Thursday that it found no evidence supporting Hindenburg’s claim that Adani entities had used associated companies to route funds into listed firms. According to two separate orders published on its website, SEBI determined that companies such as Adicorp Enterprises Pvt., Milestone Tradelinks Pvt., and Rehvar Infrastructure Pvt. did not qualify as related parties under existing regulations. The regulator said transactions between these firms and Adani’s businesses did not meet disclosure thresholds under India’s related-party rules. “There was no violation of SEBI’s disclosure norms,” board member Kamlesh C. Varshney stated in the orders. Hindenburg had alleged that funds were funneled through these entities to bolster Adani Power Ltd.…