SEBI clears Vinod Adani and settles Gautam Adani in MPS violations case

The Securities and Exchange Board of India (SEBI) has cleared Vinod Adani, elder brother of Adani Group chairman Gautam Adani, of allegations relating to violation of minimum public shareholding (MPS) norms and Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) regulations.

In its final order released on September 28, 2026, SEBI said the “foundational allegations” of effective control by Vinod Adani over two foreign portfolio investors (FPIs) and Opal Investment Pvt Ltd were not established. Consequently, the regulator did not uphold the allegation that the MPS requirements of listed Adani Group companies had been violated.