The settlement, announced in an order released on 22 September 2026, resolves the regulator’s case against Adani Enterprises Ltd (AEL), Adani Total Gas Ltd (ATGL), AWL Agri‑Business Ltd (AABL), Adani Green Energy Ltd (AGEL) and Adani Energy Solutions Ltd (AESL). The companies collectively paid ₹1.5 crore, with AEL contributing ₹76.05 lakh, AGEL ₹45.50 lakh and the remaining three firms ₹9.75 lakh each.
The adjudication stemmed from Hindenburg Research’s 2023 report that alleged the Adani conglomerate concealed related‑party transactions (RPTs) and flouted disclosure and governance norms. SEBI subsequently launched a probe into possible violations of listing regulations and equity‑listing agreements raised by the short‑seller’s findings.
SEBI’s investigation concluded that AEL failed to disclose RPTs between its subsidiary Adani Estates Private Ltd and Vakoder Investment Ltd in its FY‑2013 annual report, breaching the Listing Obligations and Disclosure Requirements (LODR) and specific clauses of its listing agreement. ATGL, AABL and AGEL were found to have violated LODR provisions concerning the non‑peer‑review of audit reports, while AESL breached sections of the NSE and BSE bye‑laws in addition to its listing‑agreement clauses.
After receiving a show‑cause notice, the five firms opted to settle the proceedings without admitting or denying the allegations, following terms recommended by SEBI’s High‑Powered Advisory Committee. The regulator accepted the payments and, under section 15JB of the SEBI Act and section 23JA of the Securities Contracts (Regulation) Act read with regulation 23(1) of the Settlement Regulations, formally disposed of the adjudication initiated on 15 February 2024.
The resolution underscores SEBI’s willingness to close enforcement actions through negotiated settlements while reinforcing compliance expectations for listed entities, particularly regarding transparency of related‑party dealings and adherence to audit‑review standards.