In a significant development, the Securities and Exchange Board of India (SEBI), the nation’s markets regulator, announced on Thursday, September 18, 2025, that it has cleared the Adani Group and its Chairman, Gautam Adani, of allegations raised by the U.S.-based Hindenburg Research. The accusations revolved around the alleged routing of funds through three specific entities to conceal related party transactions.
SEBI conducted two separate investigations and concluded that no violations had occurred. The regulator clarified that at the time these transactions with unrelated parties took place, they did not fall under the definition of related party dealings. This definition was only expanded following an amendment in 2021.
It was further established that all loans in question were repaid with due interest. Crucially, SEBI found no evidence of funds being siphoned off, nor any instances of fraud or unfair trade practices. Consequently, all ongoing proceedings against the Adani Group have been formally dismissed.
Hindenburg Research had, in January 2021, claimed that the Adani Group utilized three companies—Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure—as intermediaries to transfer money between different Adani Group entities. The core of Hindenburg’s accusation was that this arrangement was designed to circumvent regulations concerning related party transactions, potentially misleading investors.