SEBI eyes Adani Group, new controversy amid US investigation

Mumbai: Indian markets regulator Sebi is now probing whether Adani Group followed proper disclosure norms in transactions related to its chairman and other top executives. The investigation comes after a lengthy investigation by the US Department of Justice (DoJ) and the Securities and Exchange Commission (SEC), in which the Adani Group has been accused of bribery and fraud in trade.

According to sources, SEBI has now directed the exchanges to ask the Adani group companies whether they had given any information regarding violation of Listing Obligations and Disclosure Requirements (LODR). The investigation began after US officials on November 21 alleged that Adani Group Chairman Gautam Adani and seven other entities had paid bribes through the US to win business in India.

The group has denied these allegations, saying that it was not aware of any investigation, while despite being aware of the US investigation, it kept it hidden from the media. This investigation by the market regulator led to a huge fall in the shares of Adani Group, causing a loss of approximately Rs 2.2 lakh crore to investors.