Adani Seeks Accountability As SEBI Dismisses Hindenburg Allegations

On September 19, 2025, SEBI issued orders dismissing core Hindenburg allegations on related-party transactions against Adani entities and executives, prompting Adani-linked voices to question responsibility for the sharp value erosion triggered in 2023 and lifting a major regulatory overhang in markets.

SEBI Orders Close Key Allegations

SEBI passed 2 orders finding that transactions cited by Hindenburg did not qualify as related-party transactions under rules applicable during the examined period, concluding the allegations were not established, with no penalties imposed.

The regulator noted no evidence of fraud, fund diversion, or unfair trade practices in the specific matters addressed, providing the clearest regulatory outcome to date on these issues.

Rule Definitions And Timing

Coverage explains that counterparties such as Adicorp, Milestone Tradelinks and Rehvar Infrastructure did not meet the then-prevailing related-party definitions, with broader RPT norms taking effect prospectively after 2021 amendments and into 2023.

SEBI’s reasoning hinged on contemporaneous rules and loan flows that were repaid with interest, which did not breach disclosure thresholds under the earlier framework.

Read More: Adani Group Plans to Invest ₹30,000 Crore to Expand its Port Business!

Pending Matters And Scope

As per the news reports, the orders address specific allegations, while other probes, including public float and FPI or insider trading issues, reportedly remain pending in varying stages per previous disclosures and coverage.

Analyses describe the outcome as focused relief on RPT questions, with additional SEBI actions possible as remaining matters reach closure over time.

Market Reaction And 2023 Drawdown

Adani group stocks rallied after the orders, with notable gains across multiple counters as investors priced in relief from a major regulatory overhang.

The 2023 short-seller report coincided with approximately $150 billion market-cap erosion, a scale repeatedly cited in subsequent coverage and commentary.

Accountability Calls Post Orders

Following SEBI’s dismissal of key allegations, Adani-linked commentary asked who would bear responsibility for investor losses incurred after the 2023 report, framing a debate on accountability and market impacts, as per the news reports.

Conclusion

SEBI’s twin orders dismissing related-party allegations provide material clarity on key issues, spark a positive market response, and shift discourse toward accountability, even as some probes reportedly continue.

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