The Securities and Exchange Board of India (SEBI) has alleged Pranav Adani, director of a number of Adani group firms and the nephew of founder Gautam Adani, shared price-sensitive data and breached laws aimed toward stopping insider trading, in accordance a doc reviewed by Reuters.
Pranav Adani, the nephew of Gautam Adani, was despatched a discover by the markets regulator final yr, which alleged he shared details about Adani Green’s 2021 acquisition of SoftBank-backed SB Energy Holdings along with his brother-in-law earlier than the deal was introduced, in accordance to a supply and the doc.
The matter has not been beforehand reported.
Pranav to settle, denies violation of securities regulation
In an e-mailed response despatched to Reuters, Pranav Adani mentioned he was looking for to settle the fees “to put an end to the matter, without admission or denial of the allegations” and that “he has not violated any securities law”.
Settlement phrases had been being mentioned, mentioned the supply with direct information of the matter, who declined to be named because the matter is confidential.
Latest problem for Adani group
The scrutiny is the newest problem for the Adani group. U.S. authorities final yr indicted Gautam Adani and two Adani Green executives for allegedly paying bribes to safe Indian energy provide contracts and deceptive U.S. traders. The group has denied the fees and known as them “baseless”.
Pranav Adani “communicated UPSI (unpublished price sensitive information) pertaining to the SB Energy acquisition” to his brother-in-law Kunal Shah and violated norms associated to insider trading guidelines in 2021, mentioned the SEBI doc, which confirmed name information and trading patterns had been reviewed in the investigation.
Kunal Shah and Nrupal Shah, his brother, then traded in shares of Adani Green and made “ill-gotten gains” of 9 million rupees ($108,000), the doc added.
The Shah brothers mentioned in an announcement despatched by their regulation agency that the trades weren’t executed with the “knowledge of any unpublished price sensitive information nor with any mala fide intent.”
“The information in question was already generally available in the public domain,” the assertion mentioned.
SEBI didn’t reply to Reuters requests for remark.
Largest acquisition in sector
Adani Green’s acquisition of SB vitality on May 17, 2021 at an enterprise worth of $3.5 billion is the most important acquisition in the renewable vitality sector in India thus far.
Pranav Adani grew to become conscious of the upcoming acquisition two-three days prior to May 16, 2021, when the deal was finalised, SEBI mentioned.
SEBI had proposed that Kunal and Nrupal Shah additionally settle, however the brothers selected to contest the allegations as they discovered the phrases too onerous, the supply added.
Pranav Adani’s settlement plea can be taken up after SEBI’s ongoing overview of its settlement course of is over.
Published – May 02, 2025 03:01 pm IST
