SEBI Accuses Pranav Adani Of Sharing Insider Information Ahead Of Adani Green Deal

India’s market regulator, the Securities and Exchange Board of India (SEBI), has accused Pranav Adani, nephew of billionaire Gautam Adani and a key director in several Adani Group companies, of sharing confidential, price-sensitive information in violation of insider trading laws.

According to a document reviewed by Reuters, SEBI issued a notice to Pranav Adani last year, alleging that he passed on unpublished information about Adani Green Energy’s 2021 acquisition of SB Energy Holdings (a company backed by SoftBank) to his brother-in-law before the deal was made public.

This insider trading allegation has not been reported publicly until now. The document and a source familiar with the matter confirmed to Reuters that the information was shared before the official announcement, which could potentially breach securities regulations designed to maintain fair trading practices in the market.

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In response to Reuters via email, Pranav Adani denied any wrongdoing and stated that he is seeking to settle the case “without admission or denial of the allegations,” simply to bring the issue to a close.

A source with direct knowledge of the case, who asked not to be named due to the confidential nature of the matter, told Reuters that discussions around settlement terms are ongoing as the offer is expected to be reviewed after SEBI completes its internal review of the settlement process.

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SEBI also offered a settlement option to Kunal and Nrupal Shah, but they rejected it, saying the terms were too strict and have chosen to fight the charges instead.

This case adds to the ongoing troubles for the Adani Group. Last year, US authorities indicted Gautam Adani and two Adani Green executives for allegedly paying bribes to win power contracts in India and misleading investors in the US, charges the company has strongly denied, calling them “baseless.”