Adani's nephew accused of insider trading by SEBI, seeks settlement without admission

Pranav Adani, a top executive in the Adani Group and nephew of Gautam Adani, is under investigation by the Securities and Exchange Board of India (SEBI) for alleged insider trading linked to a major renewable energy acquisition. The case centers on Adani Green’s $3.5 billion purchase of SB Energy in 2021, India’s largest renewable energy deal to date.

According to SEBI, Pranav Adani shared unpublished price-sensitive information (UPSI) about the impending acquisition with his brother-in-law, Kunal Shah, days before the deal was made public. Subsequent trading by Kunal and his brother, Nrupal Shah, allegedly led to profits of ₹9 million. SEBI cited call records and trading patterns to support the charges.

Pranav Adani, while denying any wrongdoing, has approached SEBI for a settlement “to put an end to the matter” without admitting or denying the allegations. The settlement terms are currently under discussion, though no final decision has been taken as SEBI is revising its settlement process.

The Shah brothers, through legal representation, have denied having any knowledge of insider information and claimed their trades were based on information already in the public domain. However, they have opted not to settle, citing the proposed terms as too stringent.

This case adds to the growing regulatory and legal pressure on the Adani Group, which has already faced bribery allegations in the US involving founder Gautam Adani and senior executives. The group has repeatedly denied all such claims, calling them baseless and politically motivated.