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Adani gets SEBI clean chit in Hindenburg case

The Statesman Kolkata

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September 19, 2025

The Securities and Exchange Board (SEBI) on Thursday gave a clean chit to Adani Group in the matter of the allegations made by US Short seller Hindenburg. SEBI concluded that there is no violation of listing agreement or SEBI Listing Obligations and Disclosure Requirements (LODR) and the impugned transactions do not qualify as “related party transactions”.

- STATESMAN NEWS SERVICE

Adani gets SEBI clean chit in Hindenburg case

“Reading of Listing Agreement and SEBI(LODR) Regulations revealsthat transactions between alisted company withunrelated party is not covered within the definition of related party transactions as it existed during the time when impugned transactions took place, though included specifically after the 2021 amendment”, SEBI said in a statement. The market regulator further highlighted that there is no violation of Section 12A of the SEBI Act and SEBI-Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market (PFUTP) Regulations, as alleged. It further concluded thatno fraud, misrepresentation, or siphoning of funds was proven and all funds were returned with interest. Thus,

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