Four prominent Adani Group firms—Adani Power Ltd, Adani Enterprises Ltd (AEL), Adani Ports & Special Economic Zone Ltd, and Adani Energy Solutions Ltd—along with 14 of their directors, have reached a settlement with the Securities and Exchange Board of India (SEBI) regarding an investigation into alleged non-compliance with minimum public shareholding (MPS) requirements.
The settlement was finalized on September 28, 2026, with the companies and directors collectively paying ₹1,48,20,000 (₹1.48 crore) to resolve the matter. The applicants agreed to the settlement without admitting or denying the facts or legal conclusions of SEBI's proceedings, which were initiated on October 23, 2020.
Details of the Settlement
The settlement applications were first reviewed by a High Powered Advisory Committee on June 29, 2026, which recommended the settlement terms. These recommendations were subsequently approved by SEBI's Panel of Whole Time Members on August 13, 2026. The settlement amounts were remitted by the applicants on August 26, 2026, and confirmed by SEBI.
Related Investigations and Fines
In a separate 81-page final order, SEBI stated that alleged violations of two norms related to Securities Markets Regulations—MPS and Prohibition of Fraudulent and Unfair Trade Practices—"have not been established" against Vinod Adani, Gautam Adani's older brother.
However, the market regulator imposed fines of ₹20 lakh each on Nasser Ali Shaban Ahli, a UAE-based businessman, and Chang Chung-Ling, a Taiwanese businessman. Both individuals were part of SEBI's investigation into the ownership of offshore funds holding shares in Adani companies, as reported by Bloomberg.
Broader Context of Adani Group's Legal Resolutions
This settlement follows other recent legal resolutions for the Adani Group. In May, Adani Enterprises reached a $275 million settlement with the US Treasury Department concerning apparent sanctions violations related to liquefied petroleum gas shipments linked to Iran. Additionally, the US Justice Department dropped criminal charges against Adani and his nephew concerning solar energy contracts in India.
The resolution of the MPS probe marks a significant development for the Adani Group, bringing closure to a long-standing investigation by India's market regulator.