Will SEBI act on its insider trading charges against Pranav Adani, asks Congress

The Congress on Saturday asked whether the Securities and Exchange Board of India will act on its allegations of insider trading against Pranav Adani, the director of several Adani Group companies.

A day earlier, a report in Reuters said that the markets regulator had accused Adani of sharing information about Adani Green’s acquisition of SB Energy India with his brother-in-law Kunal Shah in 2021 before the deal was made public. This allegedly violated regulations that seek to prevent insider trading.

Commenting on the report, Congress General Secretary Jairam Ramesh asked: “Will SEBI once again let the Prime Minister’s favourite business group off with a slap on the wrist? Or will it prosecute the case to the full extent of the law?”

Ramesh said that citizens were still waiting for SEBI to complete the investigation into allegations that the Adani Group violated 24 counts of securities law. He noted that it had been 26 months since the Supreme Court told the agency to complete its investigation following the revelations by United States-based short seller Hindenburg Research.

“Meanwhile SEBI’s US counterpart – the Securities and Exchange Commission [SEC] – has been much more proactive since it received evidence that, between 2020 and 2024, [Adani Group chairperson] Gautam Adani and seven associates offered Rs 2,000 crore...

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