SEBI settles Hindenburg-linked proceedings against Adani Group entities

India's Securities and Exchange Board of India has settled regulatory proceedings against Adani Group entities that stemmed from allegations originally raised in the Hindenburg Research report, bringing a formal close to the cases under its consent mechanism.

The proceedings centred on two distinct areas of concern. The first involved the alleged non-disclosure of certain related-party transactions, which regulators had been examining for potential violations of listing and disclosure obligations. The second concerned instances in which audit or limited review reports were signed by firms that did not hold a valid peer review certificate at the time of signing.

The settlement marks a significant development in the protracted regulatory scrutiny that the conglomerate has faced since the Hindenburg report triggered sharp falls in its listed companies' share prices.