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Sebi clears Gautam, Vinod Adani of MPS norm violation

By Sohail Khan 29 September 2026, 5:38 am

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Sebi clears Gautam, Vinod Adani of MPS norm violation
Synopsis

Securities and Exchange Board of India has cleared Gautam Adani and family of MPS violations accusations. While it imposed a penalty of ₹20 lakh each on two individuals for misinformation. The cases involve Adani Enterprises, Adani Power, Adani Ports and Special Economic Zone, and Adani Energy Solutions. Sebi found insufficient evidence linking the Adani family effectively controlling certain foreign investments.

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Sebi clears Gautam, Vinod Adani of MPS norm violation, imposes penalties on others<br> — The settlement covers proceedings against Adani Enterprises, Adani Power, Adani Ports and Special Economic Zone, and Adani Transmission.

Mumbai: The Securities and Exchange Board of India (Sebi) has exonerated Gautam Adani, Vinod Adani and other Adani family members from allegations of violating minimum public shareholding (MPS) norms in four group companies, while imposing a penalty of ₹20 lakh each on Nasser Ali Shaban Ahli and Chang Chung-Ling for failure to furnish correct and complete information to the regulator.

In a separate settlement order, the regulator said, four Adani Group companies, chairman Gautam Adani and 13 others have settled a case with it over alleged violations of MPS norms by paying a total settlement amount of ₹1.48 crore. This is the third settlement order this month by Sebi involving the Adani Group.

The settlement covers proceedings against Adani Enterprises, Adani Power, Adani Ports and Special Economic Zone, and Adani Transmission, now known as Adani Energy Solutions, along with their directors and other senior officials.

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Sebi had received complaints during June and July 2020 alleging, non-compliance with MPS norms by certain listed companies in the Adani group. Based on its preliminary examination, the investigation started on October 23, 2020. Subsequently, Sebi issued a show-cause notice in September 2024, followed by a supplementary notice in March 2025.

The main allegation in this case has been the violation of MPS requirement which mandates minimum 25% public shareholdings. It was alleged that the investments made by two foreign portfolio investors EIFF (Emerging India Focus Funds) and EMR (EM Resurgent Fund) in the shares of Adani Enterprises, Adani Power, Adani Ports and Special Economic Zone and Adani Transmission, now Adani Energy Solutions and and Opal in the share of Adani Power were made at the direction of Vinod Adani and was controlled by him.

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The regulator in its show cause notice had alleged an aggregate wrongful gain of about ₹1,984 crore earned through the investment structure.

The regulator said the allegations of MPS and fraudulent trading violations against the 12 individuals and entities covered by the proceedings had not been established.

Sebi said there was insufficient evidence to establish that Vinod Adani exercised effective control over two foreign portfolio investors (FPIs) that held shares in Adani Enterprises, Adani Power, Adani Ports and Special Economic Zone and Adani Transmission, now Adani Energy Solutions.

It has alleged that the investments made by Emerging India Focus Funds (EIFF) and EM Resurgent Fund (EMR) between June 2013 and June 2018 were not genuine public shareholding, but were effectively controlled by Vinod Adani and should therefore have been treated as promoter-group holdings.

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