SEBI v. Vinod Bahety and others (alleged 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 SEBI found that it had not been established that an Adani Group mergers executive passed price-sensitive news of the SB Energy acquisition to a trader, or that the trader and his related accounts traded on it. The proceedings were closed with 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

Santosh Shukla, acting as SEBI's quasi-judicial authority, issued this 63-page order on 12 December 2025. The noticees are Vinod Bahety, who was head of mergers and acquisitions at the Adani Group during the relevant period; Tarun Jain, a partner in the family firm Rajtaru Enterprises; the firm itself; and MC Jain Infoservices Private Limited, a company whose directors are Mr Jain's relatives.

SEBI investigated trading in Adani Green Energy Limited, listed on the BSE and NSE, from January to August 2021. On 19 May 2021 the company announced agreements to buy the stakes of two sellers in SB Energy Holdings, which would raise its operating capacity by about 46 percent, and the share price closed 3.75 percent higher. A 2023 show cause notice alleged that Mr Bahety communicated the unpublished information to Mr Jain and that Mr Jain and the other two noticees traded on 14 May 2021 while in possession of it, in breach of section 12A(d) and (e) of the SEBI Act and regulations 3(1) and 4(1) of the Insider Trading Regulations.

The order examines the phone calls, the timing of the information and the trading pattern. It finds that the group's trades were normal for them, that their trading in other shares did not drop during the alleged period, that a call on 11 May 2021 did not show communication of the information, and that the case failed as one based on circumstantial evidence. It concludes that communication of the information, after it came into existence, was not established, and so was trading in possession of it.

The show cause notice was disposed of without any direction, disgorgement or monetary penalty against any of the four noticees.

The record does not show whether SEBI appealed the dismissal. The order makes no finding that any noticee leaked or used inside information, and it describes no criminal case.

This library tags the matter as insider trading (alleged communication and trading on unpublished price sensitive information, not established). 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 order

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.