Adani Group Pays ₹1.48 Crore Settlement Fee To SEBI In MPS Case; Regulator Finds No Proof Of Vinod Adani Control
· Free Press Journal
The Adani Group has settled minimum public shareholding (MPS) enforcement proceedings with the Securities and Exchange Board of India (SEBI) after paying ₹1.48 crore, while a separate regulatory order found that allegations regarding Vinod Adani’s control over investments in four group companies could not be proven.
Visit biznow.biz for more information.
The two SEBI orders issued on Monday relate to different proceedings and resulted in separate outcomes.
The settlement involved Adani Enterprises, Adani Power, Adani Ports and Special Economic Zone, and Adani Transmission, which is now known as Adani Energy Solutions. Fourteen individuals, including Gautam Adani and Rajesh Adani, were also part of the settlement proceedings.
Each company and its concerned directors paid ₹37.05 lakh jointly and severally, taking the total settlement amount to ₹1.48 crore.
SEBI clarified that the settlement does not represent a finding that the companies or individuals violated MPS regulations, as the parties settled the matter without admitting or denying the allegations.
Sebi Settles Proceedings Against 5 Adani Group Firms For ₹1.5 Crore Over Disclosure, Audit IssuesSEBI examines MPS compliance allegations
SEBI had started its investigation in October 2020 after receiving complaints alleging non-compliance with minimum public shareholding norms. The regulator issued a show-cause notice in September 2024, followed by a supplementary notice in March 2025.
The proceedings examined possible violations under Rule 19A of the Securities Contracts (Regulation) Rules, 1957, along with listing-related regulations.
In a separate order, SEBI reviewed investments made by Emerging India Focus Fund and EM Resurgent Fund in Adani Enterprises, Adani Power, Adani Ports and Adani Transmission.
Regulator finds no evidence of investment control
The regulator examined whether these investments should have been treated as part of the promoter group because of alleged control by Vinod Adani. SEBI said the allegation was not about beneficial ownership but whether Vinod Adani exercised control over investment decisions.
After reviewing business relationships, funding arrangements, powers of attorney and investment advisory agreements, SEBI found no evidence that Vinod Adani influenced investment decisions related to Adani group companies.
The regulator noted that the advisory agreement between Excel, an entity linked to Vinod Adani, and GMAML stated that investment advice was non-binding and excluded Excel group companies.
SEBI also examined Vinod Adani’s relationships with certain individuals and concluded that business or financial associations alone were insufficient to establish control.
As the alleged control could not be established, SEBI said the related MPS violation allegation could not be sustained. The connected allegation under the Prohibition of Fraudulent and Unfair Trade Practices regulations also did not continue.