SEBI dismisses insider trading case against Adani's nephew
13 Dec 2025

The Securities and Exchange Board of India (SEBI) has dropped insider-trading allegations against Pranav Adani, director of several Adani Group companies and nephew of billionaire founder Gautam Adani.

The case was related to the alleged sharing of non-public information about Adani Green Energy's acquisition of SoftBank-backed SB Energy Holdings in May 2021.

However, SEBI's investigation could not prove that Pranav had shared unpublished price-sensitive information (UPSI) with his brother-in-law Kunal Shah during that time.

SEBI's investigation findings
Investigation details

SEBI's investigation found that Kunal and his brother Nrupal Shah's trades in Adani Green shares in May 2021 were consistent with their usual trading patterns.

The regulator also noted several news reports on the impending deal prior to a share purchase agreement on May 19, concluding that this information was not UPSI but generally available.

SEBI dismisses insider trading case against Vinod Bahety
Case dismissal

SEBI also dismissed a similar case of alleged insider trading in Adani Green shares against Vinod Bahety, CEO of Adani Cements.

The regulator had alleged that Bahety was privy to UPSI about the acquisition and communicated it to connected entities who traded AGEL shares on that basis, while Pranav was alleged to have communicated with Kunal Shah.

However, like Pranav's case, these allegations were also found unproven by SEBI after an extensive investigation.