SEBI v. Pranav Vinod Adani and others (insider trading, Adani Green Energy, 2025)

Dismissed

✓ Checked against the primary document on October 8, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, in a single reading of the order; an independent second reading of 60 SEBI records agreed on every field for 56, the four misses being penalty amounts; a later sample of 50 of the SEBI records added on 9 October agreed on every field for 46. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

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In December 2025 a SEBI quasi-judicial authority disposed of a show-cause notice alleging insider trading in Adani Green Energy shares ahead of the company's May 2021 announcement of an acquisition. The order found the allegations unsustained and issued no directions, disgorgement or penalty.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

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Alleged gain

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A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The order of 12 December 2025, issued by a SEBI quasi-judicial authority in Mumbai, concerns trading in shares of Adani Green Energy Limited, listed on the NSE and BSE. The three noticees are Pranav Vinod Adani, a director in several Adani Group companies, and two brothers, Kunal and Nrupal Shah, who are related to him by marriage.

SEBI's show-cause notice, dated 10 November 2023, alleged that details of the company's planned purchase of SB Energy from SoftBank and Bharti entities were unpublished price-sensitive information. It alleged that Mr Adani passed that information to Kunal Shah in a telephone call on 16 May 2021 and that the two brothers then bought shares on 17 May 2021, in breach of Regulations 3(1) and 4(1) of the PIT Regulations and section 12A of the SEBI Act. The notice put the notional gains at about Rs 50.9 lakh for Kunal Shah and about Rs 40.5 lakh for Nrupal Shah.

The order does not accept that case. It finds that the acquisition details were reported in news items on 16 May 2021 at about 15:25 hours and so became generally available information before the brothers traded. It also notes that the call in question was made after that time, and that the company had issued a clarification on 18 May 2021, and it treats the notice's own position on when the information became confidential and whether it was speculative as internally inconsistent.

The order concludes that the telephone call did not communicate unpublished price-sensitive information, that the brothers' trades on 17 May 2021 were genuine, and that the allegations cannot be sustained. The notice was disposed of without any direction, including on disgorgement, and without a monetary penalty. No restriction on market access was imposed.

The record does not show whether SEBI appealed to the Securities Appellate Tribunal, and it describes no criminal case. Because this is a dismissal, the allegations in the notice remain allegations only.

This library tags the matter as insider trading. The tagging is ours, not the regulator's.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the order.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Insider trading — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2025-12-12 SEBI quasi-judicial order disposing of the show-cause notice

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEBI order

The linked release is published by the issuing regulator under its own terms. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added October 8, 2026. submit a correction.