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India Regulators Clear Billionaire Gautam Adani Of Hindenburg Allegations

  • On September 18, 2025, India’s market regulator cleared Gautam Adani and his Adani Group of all allegations made by US-based Hindenburg Research following a thorough investigation.
  • The probe originated from a Supreme Court order in March 2023 following Hindenburg's January 2023 report accusing the Adani Group of concealing related-party transactions via three firms.
  • SEBI concluded that the transactions between the companies were not classified as related-party dealings under the rules applicable at the time, noting that the loans were fully repaid with interest and no evidence of fund diversion or fraud was found.
  • SEBI board member Kamlesh Varshney stated the allegations were 'not established' and emphasized there was no liability or penalty imposed on the Adani Group.
  • The regulator’s orders closed all proceedings against the group and its associated firms, reinforcing the Adani Group’s claims that the allegations were baseless and politically motivated.
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Forbes broke the news in United States on Thursday, September 18, 2025.
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