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The Securities and Exchange Board of India (SEBI) has kept in abeyance pleas by the Adani group and its offshore investors to settle a raft of regulatory charges until internal processes are reviewed, two sources with direct knowledge of the matter said.
The SEBI, where a new chief took charge in March, is reviewing rules of settlement pleas, the regulator said last month. A lack of uniformity in the settlement process and unclear rules on the nature of penalties imposed has prompted the review, the first source said.
The review could take three months after which the Adani pleas will be taken up under new processes, said the second source.
Under SEBI’s settlement process, investors and market participants pay a monetary fine or agree to regulatory directions without admission or denial of guilt. The sources declined to be identifed as the status of investigations and pleas are private.
SEBI and the Adani group did not respond to emails seeking comment. SEBI began investigating the Adani group in 2023 after U.S.-based shortseller Hindenburg alleged improper use of tax havens and stock manipulation by the group, setting on a $150 billion sell-out despite the conglomerate’s denials of wrongdoing.
Published – April 30, 2025 10:43 pm IST
