The Securities and Exchange Board of India (SEBI) has cleared Pranav Adani and two of his relatives of insider trading allegations linked to share transactions in Adani Green Energy Ltd (AGEL). The case pertained to trading activity that occurred ahead of AGEL’s acquisition of SB Energy in 2021.
Pranav Adani, a director in several Adani Group companies and the nephew of group chairman Gautam Adani, was accused of allegedly sharing unpublished price-sensitive information (UPSI) related to the SB Energy deal. SEBI had also examined whether his relatives, Kunal Dhanpalbhai Shah and Nrupal Dhanpalbhai Shah, traded AGEL shares using such confidential information.
In its final order, SEBI said it found no material evidence to substantiate the allegations. The regulator stated that there was nothing on record to indicate that Pranav Adani had communicated any non-public information to the two relatives. It also concluded that the trades carried out by the Shahs could not be linked to insider knowledge.
SEBI observed that key details of the SB Energy acquisition were already available in the public domain before the trades under scrutiny were executed. As such, the information did not qualify as unpublished price-sensitive information under insider trading norms.
The regulator further noted that the timing and pattern of the share transactions did not suggest any misuse of confidential information. Based on these findings, SEBI dismissed the show-cause notice issued in November 2023 and dropped all proceedings against the three individuals.
No penalties, restrictions, or further regulatory directions were imposed. The order effectively brings the insider trading investigation related to the Adani Green Energy–SB Energy transaction to a close.
The SB Energy acquisition was among the largest renewable energy deals in the country at the time and played a key role in expanding Adani Green Energy’s clean power portfolio. SEBI’s decision provides regulatory closure to the case and relief to Pranav Adani and his family members after months of regulatory scrutiny.
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