SEBI drops shareholding case against Vinod Adani, finds no proof he controlled offshore funds

The Adani Group has reached a settlement with India's securities regulator, SEBI, over allegations related to the minimum public shareholding (MPS) rules. The company paid ₹1.48 crore to settle the proceedings involving Adani Enterprises, Adani Power, Adani Ports, and Adani Transmission, now known as Adani Energy Solutions. Fourteen individuals, including Gautam Adani and Rajesh Adani, also participated in the settlement.

SEBI's investigation began in October 2020 following complaints about non-compliance with the MPS norms. The regulator first issued a show-cause notice in September 2024 and a supplementary notice in March 2025. The investigation focused on potential breaches under Rule 19A of the Securities Contracts (Regulation) Rules, 1957, and listing-related regulations.

In a separate order, SEBI examined investments made by Emerging India Focus Fund and EM Resurgent Fund in Adani-related companies. The regulator concluded that Vinod Adani did not have control over the investments, as he did not influence the decision-making process. The regulator found no evidence to support the allegation of Vinod Adani's control over the investments, stating that business relationships, funding arrangements, and powers of attorney were insufficient to establish control.

Therefore, SEBI found no proof of Vinod Adani's control over investments in four Adani group companies, and the companies and their directors settled the matter without admitting or denying the allegations.