Regulatory case
In the matter of Hindenburg allegations against Adani Group. Noticees include Adani Ports and Special Economic Zone, Adani Power, Adani Enterprises, Milestone Tradelinks and Rehvar Infrastructure
- Authority
- Securities and Exchange Board of India
- Case number
- WTM/KV/CFID/CFID-SEC1/31672/2025-26 (a companion order on Adicorp Enterprises is WTM/KV/CFID/CFID-TPD/31671/2025-26)
- Filed or opened
- Not published
- Organization
- Adani Group
- Current stage
- Final order issued
- Outcome
- Disposed of without directions
Decisions and steps
Claims this case bears on
- Contradicted77The Hindenburg report said it identified numerous undisclosed related party transactions by listed and private Adani companies.Short-seller report, 24 January 20233 records citedDisclosure
- Partly supported73The Adani Group chairman said in September 2025 that SEBI had reaffirmed the Hindenburg claims were baseless.Press report, 18 September 20252 records citedDisclosure
- Unresolved46The January 2023 Hindenburg report said the Adani Group had engaged in a brazen stock manipulation and accounting fraud scheme over decades.Short-seller report, 24 January 20232 records citedMarket conduct
Sources
- S2Tier A Intimation of SEBI final order in the matter of Hindenburg Allegations against Adani GroupAdani Enterprises Limited (filing of SEBI final order). Regulator order. 19 September 2025.SEBI order of 18 September 2025 as filed by the company, signed by Whole Time Member Kamlesh Chandra Varshney. Covers the Milestone and Rehvar routing allegation only.Link working, checked 25 October 2026
- S3Tier C SEBI clears Adani Group in allegation linked to Hindenburg reportScroll. Press report. 18 September 2025.Staff report on two SEBI orders and the chairman's reaction, corroborated by the filed SEBI order. Does not report on other inquiries.Link working, checked 25 October 2026