SEBI accused Pranav Adani of sharing insider information related to Adani Green’s 2021 acquisition of SB Energy with his brother-in-law before the deal was made public.
This violates insider trading norms, as the information was considered unpublished price sensitive information (UPSI).
Mr. Pranav Adani received a notice from SEBI in 2023 and is seeking to settle the charges without admitting or denying them.
The settlement discussions are ongoing and confidential.
Call records and trading patterns showed that Kunal Shah and Nrupal Shah traded Adani Green shares based on the information and made ₹9 million in profits.
The Shah brothers denied wrongdoing, claiming the information was already public and they had no bad intent.
The $3.5 billion deal for SB Energy, finalised in 2021, was India’s largest renewable energy acquisition.
Pranav Adani was aware of the deal a few days before it was concluded.
This adds to ongoing scrutiny of the Adani group, which is also facing U.S. legal challenges over unrelated allegations.
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