SEBI accuses Pranav Adani of insider trading: Report
The Securities and Exchange Board of India has alleged that Pranav Adani, the director of several Adani Group companies, shared price-sensitive information and violated regulations that are meant to prevent insider trading, Reuters reported on Friday.
Pranav Adani, the nephew of industrialist Gautam Adani, was sent a notice by the market regulator in 2024. The regulator alleged that Pranav Adani had, in 2021, shared information about Adani Green’s acquisition of SB Energy India with his brother-in-law before the deal was made public, Reuters reported quoting an unidentified person and a regulatory document.
Responding to the allegations, Pranav Adani told Reuters that he has sought to settle the charges “to put an end to the matter, without admission or denial of the allegations”. He claimed that “he has not violated any securities law”.
Pranav Adani had “communicated UPSI [unpublished price sensitive information] pertaining to the SB Energy acquisition” to his brother-in-law Kunal Shah, Reuters quoted from the document. This violated regulations that seek to prevent insider trading.
The document showed call records and trading patterns that were reviewed in SEBI’s investigation, Reuters reported.
Kunal Shah and his brother Nrupal Shah had traded shares of Adani Green and made “ill-gotten gains” of Rs 91.1 lakh, Reuters quoted the SEBI document as having alleged.
In a statement sent by their law...
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