Kolkata, New Delhi, INDIA. New York, USA.
Business To Business, New Delhi, 18 September 2025: On Thursday, the Securities and Exchange Board of India (SEBI) officially exonerated billionaire Gautam Adani and his conglomerate from the accusations of stock manipulation levelled by the United States-based short-seller, Hindenburg Research. The regulator stated that it found no evidence indicating that the group employed related parties to divert funds into its publicly traded companies.
In two comprehensive orders, SEBI concluded that allegations of insider trading, market manipulation, and breaches of public shareholding regulations were unsubstantiated following a thorough investigation.
Hindenburg, which has since ceased operations, had in January 2023 published a scathing report accusing the Adani Group of using entities such as Adicorp Enterprises Pvt Ltd, Milestone Tradelinks Pvt Ltd, and Rehvar Infrastructure Pvt Ltd as conduits to launder funds from various Adani Group firms, ultimately channeling them into publicly listed entities like Adani Power Ltd and Adani Enterprises Ltd.