New Delhi: Adani Group has got big relief in another case. Market regulator SEBI has acquitted Gautam Adani, his elder brother Vinod Adani and other members of the Adani family of charges of violation of minimum public shareholding (MPS) norms in four group companies. With this decision of sebi clears adani mps case, SEBI has imposed a fine of Rs 20 lakh each on two foreign persons — Nasir Ali Shaban Ahli and Chang Chung-Ling — for not providing correct and complete information.
Four Adani Group companies, Chairman Gautam Adani and 13 others settled the case related to alleged violations of MPS norms by paying a total settlement amount of Rs 1.48 crore, Sebi said in a separate settlement order. The special thing is that this is the third settlement order of SEBI related to Adani Group this month – that is, three cases related to the billionaire were settled in a single month.
sebi clears adani mps case: what were the allegations?
The settlement included ongoing proceedings against the group's flagship company Adani Enterprises, Adani Power, Adani Ports and Special Economic Zone and Adani Transmission (Adani Energy Solutions) as well as their directors and senior executives. SEBI had received complaints in June and July 2020 alleging that some listed companies of the group did not comply with MPS rules. SEBI initiated the investigation on October 23, 2020, issued a show cause notice in September 2024 and sent a supplementary notice in March 2025.
The main charge was of violation of MPS rules, which mandate at least 25% public shareholding in listed companies. The allegation was that two foreign portfolio investors — EIFF (Emerging India Focus Funds) and EMR (EM Resurgent Fund) — had invested in shares of Adani Enterprises, Adani Power, Adani Ports and Adani Transmission on the instructions of Vinod Adani. Similarly, Opal had also invested in the shares of Adani Power at the behest of Vinod Adani, and it was claimed that he also controlled Opal.
SEBI did not find solid evidence
SEBI, in its show cause notice, had alleged that overall wrongful profits of around Rs 1,984 crore were made through this investment structure. But the regulator clearly said that the allegations of market manipulation and fraudulent trading against the 12 individuals and institutions involved in this case could not be proved. According to SEBI, there was not enough evidence to prove that Vinod Adani had effective control over both the foreign portfolio investors.
This decision is also important from the investors' point of view, because SEBI's clean chit on corporate governance issues like MPS can increase confidence in the shares of group companies. It is noteworthy that many investigations and allegations had come to light against the Adani Group in the last few years, and now with the disposal of the cases one after the other, there is a phase of relief for the group on the legal front. The market will now keep an eye on whether investors consider this relief as a positive sign in favor of the group.
In fact, the allegation was that the investments made by EIFF and EMR in Adani Group companies between June 2013 and June 2018 were not valid public shareholdings, but should have been considered as promoter-group holdings. But due to lack of evidence, SEBI gave clean chit to Adani family. For Adani Group, the decision comes at a time when the group is accelerating its business expansion — and getting relief on back-to-back legal fronts could further strengthen investor confidence.