Regulator says investigation found no evidence of unpublished price-sensitive information being shared ahead of 2021 Adani Green deal

India’s markets regulator, the Securities and Exchange Board of India (Sebi), has dropped its insider trading case against Pranav Adani, a director in several Adani Group companies and nephew of billionaire Gautam Adani, in relation to trades in Adani Green Energy shares, Reuters reported.

Sebi had been examining whether Pranav Adani had shared unpublished price-sensitive information (UPSI) regarding Adani Green Energy’s acquisition of SoftBank-backed SB Energy Holdings in May 2021 with his brother-in-law, Kunal Shah, ahead of the deal’s public announcement.

In its order issued on Friday, Sebi said its investigation did not establish that Pranav Adani had communicated any UPSI to Shah. The regulator also observed that the trades carried out by Kunal Shah and his brother Nrupal Shah during the period were in line with their usual trading patterns.

The order further noted that multiple media reports had referred to the proposed acquisition before the share purchase agreement was signed on 19 May 2021. As a result, Sebi concluded that the information was already in the public domain and could not be classified as unpublished price-sensitive information.

Pranav Adani had earlier denied any wrongdoing, stating that he had not violated securities laws. The Adani Group did not immediately respond to queries following the latest order.

Sebi also dismissed a related insider trading case against Vinod Bahety, chief executive officer of Adani Cements, who headed mergers and acquisitions at the Adani Group during the same period.

The regulator’s decision brings to a close one of the key insider trading probes linked to the Adani Group’s 2021 transactions.