The Securities and Exchange Board of India (SEBI) has concluded its investigation into alleged regulatory violations by Adani Ports and Special Economic Zone Limited. The investigation, stemming from allegations in the Hindenburg report, found no evidence to support the claims, and no penalties or directions will be issued against the company. The probe specifically examined loan transactions with Adicorp Enterprises and Milestone Tradelinks, affirming Adani Ports’ adherence to regulatory norms.
SEBI Investigation Outcome
The Securities and Exchange Board of India (SEBI) has concluded its investigation regarding alleged regulatory violations by Adani Ports and Special Economic Zone Limited (APSEZ). The investigation was initiated following allegations raised in the Hindenburg report.
Key Findings
The investigation did not establish any regulatory violations. It was determined that there was no basis to proceed with penalties or directions against Adani Ports. The inquiry specifically focused on transactions involving:
- Adicorp Enterprises
- Milestone Tradelinks
Details of Transactions Examined
The investigation examined loan transactions between Adani Ports and Adicorp Enterprises, finding that they did not qualify as related party transactions under the earlier Listing Agreement or subsequent LODR Regulations. Further, there was no scheme or artifice to conceal related party transactions.
Similarly, the probe into transactions with Milestone Tradelinks also found no regulatory violations. Allegations of structuring transactions to conceal related party dealings were not substantiated.
Impact on Adani Ports
With the SEBI investigation now closed and no actions pending, Adani Ports has affirmed its commitment to maintaining the highest standards of corporate governance and regulatory compliance. The resolution of this matter allows the company to focus on its operational and strategic priorities.
Orders Issued
The final orders, both dated September 18, 2025, with reference numbers WTM/KV/CFID/CFID-SEC1/31672/2025-26 and WTM/KV/CFID/CFID-TPD/31671/2025-26, officially close the proceedings against Adani Ports and related entities, without any directions or penalties.
Source: BSE
