Markets regulator Securities and Exchange Board of India (SEBI) on Thursday (September 18, 2025) gave a clean chit to the Adani Group and its chairman Gautam Adani in connection with allegations made by U.S.-based short-seller Hindenburg Research.
The charges, first raised in January 2021, claimed that the Adani Group routed funds through three entities – Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure, to disguise related party transactions.
In two separate orders, SEBI concluded that no rules were violated. The regulator clarified that at the time of the transactions, dealings with these companies did not qualify as related party transactions under existing regulations, as the definition was broadened only after a 2021 amendment.
SEBI also noted that the loans in question had been repaid with interest and there was no evidence of funds being siphoned off.
Dismissing allegations of fraud or unfair trade practices, SEBI formally dropped all proceedings against Adani Group and Gautam Adani.
The ruling marks a significant relief for the conglomerate, which had faced intense scrutiny and market volatility following Hindenburg’s explosive report.
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