The settlement covers Adani Enterprises, Adani Power, Adani Ports and Special Economic Zone (APSEZ), and Adani Transmission, now known as Adani Energy Solutions, along with their respective directors.
SEBI had initiated an investigation in October 2020 following complaints received in June and July that year alleging non-compliance with MPS requirements by certain Adani Group companies.
Following the investigation, the regulator issued a show-cause notice in September 2024, alleging that the companies and persons responsible for them had failed to comply with MPS requirements under the Securities Contracts (Regulation) Rules, the Listing Agreement and SEBI’s Listing Obligations and Disclosure Requirements (LODR) Regulations.
A supplementary show-cause notice was issued in March 2025, placing additional material on record in relation to the allegations.
Under the settlement terms, each of the four companies and their respective directors agreed to pay ₹37.05 lakh, taking the combined settlement amount to ₹1.48 crore. The amounts were to be paid jointly and severally by each company and its directors.
For Adani Energy Solutions, the settlement covers the company along with Gautam S. Adani, Rajesh S. Adani, Deepak Bhargava, Laxmi Narayan Mishra and Anil Kumar Sardana.
Adani Power’s settlement includes Gautam S. Adani, Rajesh S. Adani and Vineet Jain, while Adani Enterprises’ settlement covers Gautam S. Adani, Rajesh S. Adani, Devang S. Desai, Vasant S. Adani, Ameet H. Desai, Pranav Vinod Adani and Vinay Prakash.For APSEZ, the directors covered are Gautam S. Adani, Rajesh S. Adani, Malay Mahadevia, Rajeeva Ranjan Sinha and Sudipta Bhattacharya.
The applicants had proposed to settle the proceedings without admitting or denying the facts and conclusions of law. Their revised settlement terms were submitted in May 2026 and subsequently approved through SEBI’s settlement process.
The regulator’s High Powered Advisory Committee recommended the settlement in June, followed by approval from SEBI’s Panel of Whole Time Members in August. Notices of demand were issued on August 25, and the applicants remitted the settlement amounts on August 26, with SEBI confirming receipt.
With the settlement order dated September 28, 2026, SEBI has disposed of the proceedings arising from the September 2024 and March 2025 show-cause notices. The order, however, states that SEBI retains the right to restore or initiate proceedings if representations made during the settlement process are found to be untrue, settlement conditions are breached or a discrepancy is found in arriving at the settlement terms.