Adani Ports CEO Karan Adani Pays ₹13.65 Lakh To Settle SEBI Proceedings Over PMC Transactions

Adani Ports and Special Economic Zone Limited (APSEZ) Chief Executive Officer Karan Adani has paid ₹13.65 lakh to settle adjudication proceedings arising from alleged regulatory violations concerning transactions involving PMC Projects (India) Private Limited (PMC).

APSEZ Chief Financial Officer B Ravi also paid ₹13.65 lakh to settle the proceedings.

SEBI's Adjudicating Officer Jai Sebastian disposed of the matter after the regulator received the settlement amounts.

SEBI's investigation concerned banking transactions and inter-corporate security deposits among PMC, APSEZ and its subsidiaries. The regulator had alleged non-compliance with provisions of the Securities Contracts (Regulation) Act, 1956, the SEBI Act, 1992 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The allegations against Adani and Ravi specifically concerned Regulation 17(8) of the LODR Regulations, which requires the chief executive officer and chief financial officer to certify certain matters to the board.

SEBI issued a show-cause notice to the two on November 22, 2023. It called upon them to explain why an inquiry should not be held and why penalties should not be imposed.

They later filed settlement applications seeking to resolve the adjudication proceedings. The SEBI Internal Committee recommended ₹13.65 lakh each as an indicative settlement amount, and the applicants agreed to pay the amount.

The High Powered Advisory Committee subsequently recommended settlement on payment of ₹13.65 lakh by each applicant. A panel of SEBI Whole Time Members approved the recommendation on August 13, 2026.

The applicants thereafter remitted the amounts. Their representatives informed SEBI of the remittance on September 5, 2026, and the record confirmed receipt by SEBI.

The regulator thereafter disposed of the proceedings.