SEBI settles Hindenburg-related proceedings against Adani Group entities

Securities and Exchange Board of India (SEBI) settled adjudication proceedings against the five Adani group companies, for an amount of ₹1.5 crore, according to an order released September 22, 2026.

The proceedings relate to the now defunct short seller-researcher Hindenburg’s allegations regarding undisclosed related party transactions (RPTs) as well as violation of disclosure and corporate governance norms. Following this, the capital markets watchdog carried out an investigation into Hindenburg’s allegations of listing regulation and equity listing agreement violations.

In the investigation, SEBI found that Adani Enterprises Ltd. (AEL) said RPTs between Adani Estates Private Limited, a subsidiary of AEL and Vakoder Investment Ltd., a related party of AEL, were not disclosed in the Annual Report for FY2013. In addition to this, the company had violated other laws and rules under the Listing Obligations and Disclosure Requirement,(LODR) and clauses in listing agreement.