SEBI clears Adani group entities in Hindenburg related-party allegations

The Securities and Exchange Board of India (SEBI) has disposed of proceedings against Adani Power Limited and other Adani Group entities concerning Hindenburg Report allegations. Two orders, dated September 18, 2025, concluded that allegations of structuring transactions to conceal related party transactions and circumventing regulations were not established.

The investigation focused on loan transactions between Adani Ports & Special Economic Zone Limited (APSEZ), Adani Power Limited (APL), and Adicorp Enterprises Private Limited (Adicorp), as well as Milestone Tradelinks Pvt. Ltd. (MTPL) and Rehvar Infrastructure Pvt. Ltd. (RIPL). SEBI found no violation of Listing Agreement or LODR Regulations, noting that the impugned transactions did not qualify as "related party transactions" under the applicable un-amended provisions.

Furthermore, SEBI concluded there was no evidence of fraud or unfair trade practices in these transactions. All loans, along with interest, were repaid before the investigation began, and there was no allegation of siphoning off funds or loss to investors. The orders emphasized that the 2021 amendment to LODR Regulations has prospective effect from April 1, 2023, and does not apply retrospectively.