The Securities and Exchange Board of India (Sebi) is still investigating some accusations from US Short Seller Hindenburg Research against the Adani Group, according to people who are familiar with the issue, indicating that the conglomerate only received a partial rejection with the orders of Thursday.
There are some hanging research strands, such as whether the minimum guidelines for public shareholders have followed by Gautam Adani-led group, still for the Sebi, one of the people said. At least three to four cases are being investigated, another person said. These people spoke about the condition of anonymity because the information is not public.
The supervisor has not yet received any answers from some stakeholders with regard to these cases, one person added.
Although there is nothing to indicate whether the conglomerate of Havens-Tot power is confronted with fines or legal censorship on the things that are being treated before Sebi, this means that there will probably be more SEBI orders on the Adani group.
A representative of Adani Group did not immediately respond to an e -mail looking for a comment about current Sebi probes.
The billionaire founder will also remain sued last year by the US Department of Justice in an alleged bribery scheme of $ 250 million. Adani’s efforts to resolve those charges have stalled in recent months because the Washington and New Delhi clash on issues such as trade, Russian oil and the conflict of India with Pakistan, Bloomberg News Reported this month with reference to people who are familiar with the issue.
Billionaire Adani and the investors have given the newest orders from Sebi that cleared the accusations of Hindenburg in early 2023 that it used the so -called transactions with connected parties to roustish funds in his listed companies in two cases. The combined market value of Adani Group Companies rose on Friday by more than $ 6 billion to $ 156 billion as all listed companies of the conglomerate collected.
Sebi “has again confirmed what we have always maintained that the Hindenburg claims that they were unfounded,” said the second-rich person in Asia in an X-post. The shares of Adani Companies rose Friday.
The destructive report of January 2023 of the short seller who has since been dissolved had claimed that large-scale business fraud was claimed, which was activated a share route that at a given moment had eroded more than $ 150 billion for the aforementioned Adani entities and stopped the debting expansion of Adani.
Mandated probe by the court
It also led to the top court of India Sebi asked to investigate Hindenburg’s accusations against the conglomerate.
The scope of the investigation included potential violations of minimum public shareholder rules in Adani Group companies, stock exchange manipulation via the foreign portfolio investment route and accusations of prior knowledge trade.
It also included 13 cases about transactions with connected parties, Sebi said in its status report to the court in August 2023. Sebi’s Thursday order cleaned Adani on two of these transaction studies with related parties.
In recent months, Adani Group has started drifting back part of the land it lost in the aftermath of the Hindenburg report and the Doj Appointment. It has secured financing of tent investors and is back to planning expansion plans for several billions, despite the overhangs of the regulations at home and abroad.
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Published on September 19, 2025
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