Pranav Adani, nephew of billionaire Gautam Adani, faces insider trading allegations by SEBI over Adani Green's $3.5B SB Energy deal.
SEBI alleges Pranav Adani shared unpublished price-sensitive information about Adani Green's acquisition with his brother-in-law before the public announcement.
Adani Green's acquisition of SB Energy in 2021, valued at $3.5 billion, stands as India's largest renewable energy deal to date.
Kunal Shah and Nrupal Shah, relatives of Pranav Adani, allegedly profited ₹9 million by trading Adani Green shares using insider information.
Pranav Adani denies violating securities laws, seeking to settle charges without admitting guilt; Shah brothers claim trades were based on public information.
SEBI's probe included analysis of call records and trading patterns to establish the flow of unpublished price-sensitive information.
Pranav Adani's settlement plea is under consideration amid SEBI's review of its settlement procedures; Shah brothers contest the allegations.
This case adds to the Adani Group's legal challenges, including previous U.S. indictments alleging bribery and investor fraud.
Pranav Adani, nephew of Gautam Adani