Four Adani Group firms, 14 individuals settle Sebi proceedings for Rs 1.48 crore

A settlement amount of Rs 1.48 crore has been paid by four Adani Group companies and 14 individuals associated with these companies to the Securities and Exchange Board of India (Sebi) over alleged non-compliance with minimum public shareholding (MPS) requirements in matters dating back to June and July 2020.

According to a SEBI order released on Monday, September 28, Adani Enterprises Limited, Adani Power Limited, Adani Ports and Special Economic Zone Limited, and Adani Transmissions, now known as Adani Energy Solutions, along with the individual directors named in the order, have settled the proceedings by paying Rs 37.05 lakh in each case.

The settlement amount is to be paid jointly and severally, which means that the companies and the listed directors are collectively responsible for the payment, while the order does not specify an individual allocation among the directors.

The proceedings stem from complaints received by Sebi in June and July 2020, which alleged that certain listed Adani Group companies had failed to comply with the regulatory requirements concerning minimum public shareholding.

Following the complaints, SEBI launched an investigation on October 23, 2020, and issued show-cause notices in September 2024, while a supplementary notice was subsequently issued on March 3, 2025, alleging violations of securities laws and regulations governing MPS.

The applicants, including Adani Group chairman Gautam Adani and his brothers Rajesh Adani and Vasant Adani, settled the proceedings without admitting or denying the facts or conclusions of law.

SEBI said its concerned department confirmed receipt of the payments on August 26, 2026, while the order noted that the proceedings could be restored or initiated if representations made by the applicants proved untrue or if the settlement undertakings were breached.