SEBI accuses Pranav Adani of insider trading in Adani Green’s $3.5 bn SB Energy deal: Report

According to a SEBI notice reviewed by Reuters, Pranav Adani allegedly passed on unpublished price sensitive information (UPSI) to his brother-in-law, Kunal Shah, ahead of the deal’s announcement.

The notice cites call records and trading activity as evidence that Kunal Shah and his brother Nrupal Shah traded Adani Green shares and earned profits of Rs 9 million ($108,000) based on that information.

The matter, which had not been reported earlier, came to light through a confidential source and documents.

In a written response to Reuters, Pranav Adani stated he was pursuing a settlement with SEBI “without admission or denial of the allegations” and maintained that he had not breached any securities law. Settlement terms are reportedly still under negotiation.

Meanwhile, the Shah brothers have denied any wrongdoing, asserting that their trades were made without access to any UPSI and that the information cited was already public.

SEBI has offered them a settlement, but the brothers have opted to contest the charges, calling the proposed terms too harsh.

The case adds to the mounting regulatory pressure on the Adani Group, which was also named in U.S. indictments last year over alleged bribery and investor deception — allegations the conglomerate has firmly denied.

SEBI will consider Pranav Adani’s settlement application after concluding its ongoing review of the broader settlement framework