Four Adani Group Companies Settle SEBI Proceedings Over MPS Non-Compliance

Four Adani Group companies have settled SEBI proceedings over alleged non-compliance with Minimum Public Shareholding requirements by paying ₹37.05 lakh each along with their respective directors.

The companies are Adani Enterprises Limited, Adani Power Limited, Adani Ports and Special Economic Zone Limited, and Adani Transmission Limited (now known as Adani Energy Solutions Limited).

SEBI's Whole Time Member Kamlesh Chandra Varshney passed the order.

SEBI received several complaints alleging, among other things, that certain listed Adani Group companies had not complied with the prescribed MPS requirements.

After conducting a preliminary examination, the regulator commenced an investigation on October 23, 2020, into Adani Enterprises Limited, Adani Power Limited, Adani Ports and Special Economic Zone Limited, and Adani Transmission Limited.

Gautam S. Adani, Chairman of the Adani Group, was among the individuals named in the proceedings.

Following completion of the investigation, SEBI issued a show cause notice (SCN) dated September 27, 2024, followed by a supplementary SCN dated March 3, 2025.

The SCN alleged that the Adani Group entities and the individuals responsible for their affairs had breached the Minimum Public Shareholding requirements under Rule 19A of the Securities Contracts (Regulation) Rules, 1957, Clauses 35 and 40A of the Listing Agreement, and Regulations 31 and 38 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

While the proceedings were ongoing, the applicants sought to resolve the matter through settlement, without admitting or denying the allegations.

SEBI's Internal Committee and High-Powered Advisory Committee considered the proposals, which were subsequently approved by its Panel of Whole-Time Members on August 13, 2026.

Under the settlement, each of the four applicant companies agreed to pay ₹37.05 lakh jointly and severally. The amounts were paid on August 26, 2026.

SEBI accordingly disposed of the proceedings and decided not to pursue further enforcement action for the alleged violations.

However, the regulator retained the power to revive proceedings in case of false representations, breach of settlement undertakings, or any discrepancy in the settlement terms.

On September 22, 2026, five Adani Group companies namely Adani Enterprises Limited, Adani Total Gas Limited, AWL Agri Business Limited, Adani Green Energy Limited and Adani Energy Solutions Limited, settled proceedings with SEBI arising from its examination of issues highlighted in the Hindenburg Report, by paying aggregate settlement amounts of ₹1.508 crore.