Home / Business and Economy / SEBI Clears Adani Kin in Insider Trading Case
SEBI Clears Adani Kin in Insider Trading Case
13 Dec
Summary
- SEBI cleared Pranav Adani and relatives of insider trading charges.
- Allegations involved sharing price-sensitive information on AGEL acquisition.
- Regulator found trades genuine, information was publicly available.
The Securities and Exchange Board of India (SEBI) has dismissed allegations of insider trading against Pranav Adani, a director within the Adani Group and nephew of billionaire Gautam Adani. SEBI also cleared two of Pranav Adani's relatives, Kunal and Nrupal Shah, who were accused of trading on non-public information allegedly shared by Pranav.
The investigation centered on the acquisition of SB Energy by Adani Green Energy Limited (AGEL). SEBI examined trades made between January and August 2021, specifically scrutinizing a phone call between Pranav Adani and Kunal Shah. Initially, this call was viewed as a potential communication of unpublished price-sensitive information (UPSI).
However, SEBI's review found that news reports about the acquisition had already been published on May 16, 2021, rendering the information public. Consequently, trades executed by the Shah brothers on May 17 were deemed genuine and not influenced by insider information, leading SEBI to close the matter without penalties.
