Adani Enterprises and four other group companies pay settlement amounts totaling over Rs. 1.50 crore; SEBI disposes of proceedings without admitting or denying findings.
The Securities and Exchange Board of India (SEBI) has disposed of adjudication proceedings against five Adani group companies after accepting settlement applications filed in relation to alleged disclosure and audit-related violations.
In a settlement order dated September 22, 2026, SEBI Adjudicating Officer Jai Sebastian noted that the companies had opted to settle the proceedings without admitting or denying the findings of fact and conclusions of law. The matter arose from SEBI’s examination into alleged related party transaction disclosures and corporate governance concerns flagged in the Hindenburg Report.
The proceedings had been initiated against Adani Enterprises Ltd., Adani Total Gas Ltd., AWL Agri Business Ltd. (formerly Adani Wilmar Ltd.), Adani Green Energy Ltd., and Adani Energy Solutions Ltd. (formerly Adani Transmission Ltd.). The allegations included non-disclosure of related party transactions in annual reports and the use of audit and limited review reports signed by audit firms allegedly lacking valid Peer Review Certificates.
According to the order, Adani Enterprises was charged with violations under the Securities Contracts (Regulation) Act, 1956 and the SEBI Act, 1992, while the other companies faced allegations primarily under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and related listing provisions.
During settlement proceedings, the applicants participated in meetings with SEBI’s Internal Committee and later submitted revised settlement terms. These terms were considered by the High Powered Advisory Committee (HPAC), which recommended settlement amounts for each company. The Panel of Whole Time Members accepted the recommendations on August 13, 2026.
SEBI then issued demand notices, following which the companies remitted the settlement amounts. The settlement payments were:
- Adani Enterprises Ltd.: Rs. 76,05,000
- Adani Total Gas Ltd.: Rs. 9,75,000
- AWL Agri Business Ltd.: Rs. 9,75,000
- Adani Green Energy Ltd.: Rs. 45,50,000
- Adani Energy Solutions Ltd.: Rs. 9,75,000
Upon confirmation of receipt of the amounts, SEBI disposed of the adjudication proceedings under the SEBI Act, the SCRA, and the SEBI (Settlement Proceedings) Regulations, 2018.
However, SEBI clarified that the settlement order is without prejudice to its right to restore or initiate proceedings if any statement made during the settlement process is later found to be untrue, if the applicants breach undertakings or waivers, or if any discrepancy is discovered in the settlement process.
Bottom Line :
SEBI settlement proceedings - Alleged violations relating to non-disclosure of related party transactions and financial statements/review reports signed by auditors without valid Peer Review Certificate under Listing Agreement, LODR Regulations, SEBI Act and SCRA - On applicants proposing settlement without admitting or denying findings, and after recommendation of HPAC, acceptance by Panel of Whole Time Members and payment of settlement amounts, adjudication proceedings disposed of under section 15JB of SEBI Act and section 23JA of SCRA read with regulation 23(1) of SEBI (Settlement Proceedings) Regulations, 2018 - Settlement order held without prejudice to SEBI's right to restore or initiate proceedings in contingencies specified in regulation 28.
Statutory provision(s): Section 15JB of the SEBI Act, 1992, Section 23JA of the Securities Contracts (Regulation) Act, 1956, Regulation 23(1) of the SEBI (Settlement Proceedings) Regulations, 2018, Regulation 28 of the SEBI (Settlement Proceedings) Regulations, 2018, Section 23A(a) of the Securities Contracts (Regulation) Act, 1956, Section 23H of the Securities Contracts (Regulation) Act, 1956, Section 15HB of the SEBI Act, 1992, Regulation 33(1)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Clause 32 of the Listing Agreement, Clause 41(I)(h) of the Listing Agreement, Regulation 2.5 of BSE Regulations (Cash Segment), Clause (8)(b) of Chapter IV of NSE Bye-Laws
In re Adani Group Companies, (SEBI) : Law Finder Doc id # 2983593
