India-West News Desk
India’s securities regulator, SEBI, has accused Pranav Adani, a director in several Adani Group firms and nephew of the group’s founder, of insider trading violations, according to a Reuters report.
SEBI alleges that Pranav Adani shared confidential price-sensitive information regarding Adani Green’s 2021 acquisition of SB Energy Holdings with his brother-in-law, Kunal Shah, before the deal was public. The SEBI document indicates that a notice was sent to Pranav Adani last year.
In response to Reuters, Pranav Adani stated he is seeking a settlement “without admission or denial of the allegations” to resolve the matter, maintaining he has not breached any securities laws.
The SEBI document further alleges that Kunal Shah and his brother, Nrupal Shah, traded in Adani Green shares based on this information, generating “ill-gotten gains” of 9 million rupees.
Separately, U.S. authorities last year indicted Gautam Adani and two Adani Green executives for alleged bribery related to Indian power contracts and misleading U.S. investors, charges the Adani Group has denied as “baseless.”
