The Securities and Exchange Board of India (SEBI) has given a clean chit to the Adani Group over allegations raised by US short-seller Hindenburg Research. The regulator concluded that there was no violation of the listing agreement or the SEBI (Listing Obligations and Disclosure Requirements) and that the impugned transactions do not qualify as “related party transactions.” With this, SEBI disposed of proceedings against the noticees without any further direction.
The decision has triggered strong reactions from the legal fraternity, with several senior advocates calling the Hindenburg campaign a deliberate attempt to undermine India’s economic interests.
On Hindenburg's allegations against Adani group companies, the Securities and Exchange Board of India (SEBI) concludes that there is no violation of the listing agreement or SEBI (LODR), and the impugned transactions do not qualify as “related party transactions” for the reasons… pic.twitter.com/gmjaDHbnjP
— ANI (@ANI) September 18, 2025
Advocate Nitin Meshram, while welcoming the order, asserted that the Hindenburg report was part of a larger international conspiracy. “The clean chit given to the Adani Group by SEBI today is a very good decision. I view the Hindenburg Report as a conspiracy against India’s economy. Secondly, the campaign that developed around it was a larger plan to derail India’s economy, including an international conspiracy,” Meshram told media.
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He underlined that the Supreme Court itself had earlier refused demands for a Special Investigation Team (SIT) or transfer of the matter to the CBI, instead placing full confidence in SEBI to investigate the issue. “I believe the allegations made in the Hindenburg Report are myths. The Supreme Court said there is no need for an SIT or CBI. SEBI is enough. Those who still accuse the Adani Group of misconduct do not respect the regulator, do not believe in the country’s laws, and want to see the economy derailed,” Meshram added.
Echoing this sentiment, Senior Advocate Vijay Agarwal said the SEBI’s conclusion vindicated the Adani Group. Referring to the Supreme Court’s earlier decision in the Vishal Tiwari case, Agarwal noted that the apex court had also declined to interfere and had indirectly reinforced the Adani Group’s position. “Supreme Court has given a clean chit in Vishal Tiwari’s judgment. And now there is rather an inquiry against Hindenburg because they admitted to short-selling. After that admission, nothing remains. The Adani Group has passed the litmus test, one after the other. Now the matter should be considered buried, dead, and undone,” he said.
Agarwal further described the conglomerate as India’s “biggest” and said that investors’ confidence in the group stood vindicated.
Meanwhile, Adani Group Chairman Gautam Adani hit out strongly against those who had amplified the Hindenburg allegations. In a post on X, Adani demanded a “national apology” from those responsible for spreading “false narratives” that, according to him, shook investor confidence and inflicted financial harm.
After an exhaustive investigation, SEBI has reaffirmed what we have always maintained, that the Hindenburg claims were baseless. Transparency and integrity have always defined the Adani Group.
We deeply feel the pain of the investors who lost money because of this fraudulent… pic.twitter.com/8YKeEYmmp5
— Gautam Adani (@gautam_adani) September 18, 2025
He reiterated the group’s commitment to transparency and integrity, while expressing empathy for investors who had lost money due to the controversy.
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