On Monday, Adani Group chairman Gautam Adani, four group companies and thirteen other entities settled proceedings initiated by the markets regulator SEBI over alleged violations of minimum public shareholding (MPS) norms by paying a settlement amount of ₹1.48 crore. The settlement covers Adani Enterprises Ltd, Adani Power Ltd, Adani Ports and Special Economic Zone Ltd (APSEZ), and Adani Transmission Ltd, now known as Adani Energy Solutions Ltd, along with their directors. The four listed companies are expected to be in the spotlight on Tuesday, September 29, as investors monitor the impact of the settlement on their share prices.

The proceedings stemmed from complaints received by SEBI in June and July 2020 alleging non‑compliance with MPS requirements by certain listed Adani Group companies. Following a preliminary examination, SEBI initiated an investigation on 23 October 2020. After completion of the investigation, the regulator issued a show‑cause notice (SCN) on 27 September 2024, followed by a supplementary SCN on 3 March 2025. The notices alleged violations relating to MPS requirements prescribed under the Securities Contracts (Regulation) Rules, the erstwhile Listing Agreement and SEBI’s Listing Obligations and Disclosure Requirements (LODR) Regulations.

The applicants subsequently proposed to settle the proceedings without admitting or denying the facts and conclusions of law. As per the settlement order passed on Monday, the applicants paid a total settlement amount of ₹1.48 crore. With the settlement, SEBI directed that the proceedings arising from the SCN and supplementary SCN be disposed of. Separately, the regulator has imposed a fine of ₹20 lakh each on Nasser Ali Shaban Ahli and Chang Chung‑Ling in the matter.

Last week, five Adani group companies settled adjudication proceedings with SEBI for ₹1.51 crore over an alleged lapse in the disclosure of related‑party transactions. The proceedings stemmed from SEBI’s examination into allegations and corporate governance issues highlighted in the Hindenburg Research report, including possible violations of listing regulations and the erstwhile listing agreement. In September 2025, SEBI cleared billionaire Gautam Adani and his group of allegations by US‑based short seller Hindenburg Research that the group had routed funds through related parties to its listed companies.

The Adani Group is a diversified business conglomerate with interests spanning ports and logistics, power generation and transmission, renewable energy, airports, natural resources, cement, data centres and infrastructure. The group operates through several listed companies, including Adani Enterprises, Adani Ports and Special Economic Zone, Adani Power, Adani Green Energy, Adani Energy Solutions, Adani Total Gas and Ambuja Cements. Its businesses have a significant presence across infrastructure and energy‑related sectors in India.