SEBI is still reviewing more than a dozen allegations against Adani Group

These include allegations that Adani Enterprises, Adani Ports, Adani Energy and Adani Power had wrongfully categorised certain shareholders as public.

The Securities and Exchange Board of India is still looking into more than a dozen allegations against Adani Group, Reuters reported on Friday, citing sources. That, after SEBI cleared Gautam Adani-led conglomerate of some allegations in the Adani-Hindenburg case.

Adani Group Chairman Gautam Adani. (Reuters)

Some of the investigations into allegations against the Adani Group had been closed and no further action would be taken, sources said, but “there are at least over a dozen cases still pending for final orders”.

Those cases included allegations that Adani Enterprises Ltd., Adani Ports Ltd., Adani Energy Ltd. and Adani Power Ltd. had wrongfully categorised certain shareholders as public, the sources said. These Adani Group companies had in their latest financial statements said that SEBI was looking into the wrongful categorisation allegations.

In April, Reuters had reported that around 30 Adani Group entities have applied to settle some of these regulatory charges.

Adani-Hindenburg Case

On Thursday, SEBI dismissed two allegations—one of stock manipulation and the other on non-disclosure of related-party transactions—made two years by now-defunct US-based short seller Hindenburg Research.

SEBI started investigating Adani Group companies in 2023 after Hindenburg Research accused the ports-to-power conglomerate of improper use of tax havens and stock price manipulation. The accusations initially led to a $150-billion sell-off of the group's stocks.

The stocks have since recovered. Shares of all nine listed group companies rose on Friday in reaction to the regulator's dismissals a day earlier. Gains were led by Adani Power's 12.7% jump. Adani Enterprises was up 6%.