Billionaire businessman Gautam Adani and his company Adani Group on September 18, 2025, received a relief from market regulator Sebi which cleared them of accusations brought by US-based Hindenburg Research. (File photo)
Sebi clears Gautam Adani and firm of Hindenburg allegations
The businessman welcomed the regulator's step, saying it reaffirmed his company's claims that the US-based entity's charges were baseless
Markets regulator Securities and Exchange Board of India (Sebi) on Thursday (September 18) cleared Adani Group and its Chairman Gautam Adani from accusations made by the US-based Hindenburg Research about routing funds through three entities to conceal related party transactions.
The billionaire businessman welcomed the step, saying the regulator reaffirmed what they had "always maintained, that the Hindenburg claims were baseless". In a post on X, the 63-year-old said, "Transparency and integrity have always defined the Adani Group."
After an exhaustive investigation, SEBI has reaffirmed what we have always maintained, that the Hindenburg claims were baseless. Transparency and integrity have always defined the Adani Group.
— Gautam Adani (@gautam_adani) September 18, 2025
We deeply feel the pain of the investors who lost money because of this fraudulent… pic.twitter.com/8YKeEYmmp5
In two distinct orders, Sebi determined that there were no violations, observing that at the time, such transactions with unrelated parties did not meet the criteria for related party dealings (the definition was broadened only after an amendment in 2021).
It also observed that the loans were repaid along with interest, no funds were misappropriated, and therefore, there was no occurrence of fraud or unfair trade practices.
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All proceedings against the Adani Group have been dropped accordingly.
Hindenburg's 2021 claim
In January 2021, Hindenburg claimed that the Adani Group used three companies — Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure — as channels to transfer funds among Adani group entities.
The assertion was that this enabled Adani to circumvent regulations regarding related party transactions, potentially deceiving investors.
Adani sympathises with investors
In his post, Adani also sympathised with investors who lost money after the report, which he called "fraudulent and motivated", surfaced.
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"We deeply feel the pain of the investors who lost money because of this fraudulent and motivated report. Those who spread false narratives owe the nation an apology. Our commitment to India’s institutions, to India's people and to nation building remains unwavering," he said, before concluding by uttering, "Satyamev Jayate! JAI HIND!"
(With Agency inputs)