logo
Indian regulator accuses Adani nephew in insider trading case, he seeks to settle

Indian regulator accuses Adani nephew in insider trading case, he seeks to settle

Reuters02-05-2025

MUMBAI, May 2 (Reuters) - India's markets regulator has alleged Pranav Adani, director of several Adani group companies and the nephew of the billionaire founder, shared price sensitive information and breached regulations aimed at preventing insider trading, according a document reviewed by Reuters.
Adani, the nephew of Gautam Adani, was sent a notice by the Securities and Exchange Board of India (SEBI) last year which alleged he shared information about Adani Green's (ADNA.NS), opens new tab 2021 acquisition of SoftBank-backed SB Energy Holdings with his brother-in-law before the deal was announced, according to a source and the document.
Make sense of the latest ESG trends affecting companies and governments with the Reuters Sustainable Switch newsletter. Sign up here.
The matter has not been previously reported.
In an e-mailed response sent to Reuters, Pranav Adani said he was seeking to settle the charges "to put an end to the matter, without admission or denial of the allegations" and that "he has not violated any securities law".
Settlement terms were being discussed, said the source with direct knowledge of the matter, who declined to be named as the matter is confidential.
The scrutiny is the latest challenge for the Adani group. U.S. authorities last year indicted Gautam Adani and two Adani Green executives for allegedly paying bribes to secure Indian power supply contracts and misleading U.S. investors. The group has denied the charges and called them "baseless".
Pranav Adani "communicated UPSI (unpublished price sensitive information) pertaining to the SB Energy acquisition" to his brother-in-law Kunal Shah and violated norms related to insider trading rules in 2021, said the SEBI document, which showed call records and trading patterns were reviewed in the investigation.
Kunal Shah and Nrupal Shah, his brother, then traded in shares of Adani Green and made "ill-gotten gains" of 9 million rupees ($108,000), the document added.
The Shah brothers said in a statement sent by their law firm that the trades were not executed with the "knowledge of any unpublished price sensitive information nor with any mala fide intent."
"The information in question was already generally available in the public domain," the statement said.
SEBI did not respond to Reuters requests for comment.
Adani Green's acquisition of SB energy on May 17, 2021 at an enterprise value of $3.5 billion is the largest acquisition in the renewable energy sector in India so far.
Pranav Adani became aware of the impending acquisition two-three days prior to May 16, 2021, when the deal was finalised, SEBI said.
SEBI had proposed that Kunal and Nrupal Shah also settle, but the brothers chose to contest the allegations as they found the terms too onerous, the source added.
Pranav Adani's settlement plea would be taken up after SEBI's ongoing review of its settlement process is over.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

South African rand edges up before local budget vote
South African rand edges up before local budget vote

Reuters

time36 minutes ago

  • Reuters

South African rand edges up before local budget vote

JOHANNESBURG, June 11 (Reuters) - The South African rand was marginally stronger in early trade on Wednesday, as lawmakers were due to vote on the first pieces of budget legislation later in the day. If the vote passes, it could boost local asset prices as there will be greater certainty over the fiscal trajectory after months of political wrangling. Disagreements in the coalition government have delayed the budget, but most of those have been resolved following changes made in a third budget version presented by Finance Minister Enoch Godongwana last month. At 0720 GMT the rand traded at 17.6950 against the dollar , up 0.1% on Tuesday's closing level. A domestic business confidence index (ZABCI=ECI), opens new tab is set for release at 0930 GMT. The dollar last traded about 0.2% stronger against a basket of currencies , after the U.S. and China concluded trade talks in London with a "framework agreement" that hinted at a thaw in relations but offered little detail. U.S. inflation data later on Wednesday could set the tone for markets globally. South Africa's benchmark 2035 government bond was weaker in early deals, with the yield up 4.5 basis points to 10.115%.

Rising Asia temperatures bode well for US LNG export prospects
Rising Asia temperatures bode well for US LNG export prospects

Reuters

time2 hours ago

  • Reuters

Rising Asia temperatures bode well for US LNG export prospects

LITTLETON, Colorado, June 11 (Reuters) - U.S. exports of LNG are already at record highs so far in 2025, but forecasts for above-average temperatures across key Asian import markets could lift them even higher this summer. Average temperatures for Japan, South Korea and China are all forecast to hold above normal through the end of August, likely boosting use of power-hungry air conditioners. That higher demand load will in turn spur utilities to lift generation from all available sources, including from natural gas plants fed mainly by imported liquefied natural gas (LNG). That upbeat demand outlook is good news for U.S. LNG exporters, who are riding a wave of strong demand from Europe but face a potential slowdown in European buying this summer. Temperatures across East Asia are already hovering above long-term averages, and are expected to continue trending higher over the next two months. Average temperatures in Japan - the second largest LNG importer after China in 2024 - are expected to register around 6% above the long-term average from now through the end of August, data from LSEG shows. South Korea, Taiwan, Hong Kong and several cities in China are forecast to register similar readings. As the northern hemisphere summer coincides with the rainy season across much of Asia, the forecasted hot temperatures are likely to be mixed with high humidity levels. That in turn will likely spur heavy use of air conditioning systems, which can push power demand levels sharply higher during heatwaves and strain regional power grids. Asia's electricity producers are used to the summer climb in electricity demand and adjust output levels accordingly. In 2024, average electricity demand during June, July and August - the hottest months of the year - was around 9% above the monthly average for the year as a whole. To accommodate that higher load, utilities lifted output from all power sources, but especially from fossil fuel plants which supply power that can be dispatched on command when output from renewable sources drops off. Both gas-fired and coal-fired generation across Asia during June, July and August last year averaged around 5% more than the 2024 monthly average, Ember data shows. To feed the higher demand for power anticipated during June, July and August, Asian LNG importers tend to book higher LNG volumes during May, June and July than during other months. Between 2021 and 2024, U.S. LNG exports to Asia during May, June and July averaged around 7.8 million metric tons a month, according to data from commodity intelligence firm Kpler. That compares to an average of 2.23 million tons a month to Asia overall for the 2021 to 2024 period, and underscores how important LNG is as a power fuel during the Asian summer. A key driver of potential Asian purchases will be the price of LNG, which needs to compete with coal in power generation and has recently proved too dear for many Asian consumers. U.S. LNG export prices have averaged around $8.54 per thousand cubic feet so far in 2025, up 35% from the 2024 average, according to data from LSEG. That said, any rise in Asian LNG purchases would likely come just as LNG orders by Europe tend to retreat to their annual lows, which could apply downward pressure to prices. Over the first half of 2025, European markets accounted for 70% of all U.S. LNG exports, Kpler data shows, while Asian markets accounted for just under 20%. Average monthly volumes of U.S. LNG dispatched to Europe during January to June were around 6 million tons, compared to around 1.6 million tons a month to Asia. A key caveat that will govern Europe's LNG appetite going forward is how quickly gas storage operators there want to replenish inventories, which were depleted over the past winter and must be restocked ahead of next winter. Currently, Europe's gas stockpiles are around half full, which compares to around 70% full at this time of year in 2023 and 2024, according to LSEG. If gas storage operators opt to restock as quickly as possible, then Europe's imports of LNG could remain quite strong over the coming months. But if Europe's storage firms opt instead to wait until the autumn to replenish stocks, or refill tanks from pipelined supplies, then Europe's LNG purchase volumes could drop sharply. Such a sudden wilt in European orders would likely trigger an aggressive markdown in prices, however, and in turn lure fresh buying interest in Asia where power firms are already primed to boost output. That suggests that overall U.S. LNG export volumes should remain fairly robust for the near term at least, regardless of where the buyers reside. The opinions expressed here are those of the author, a columnist for Reuters. Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, opens new tab and X, opens new tab.

Thousands attend candle-lit vigil for Austrian school shooting victims in Graz
Thousands attend candle-lit vigil for Austrian school shooting victims in Graz

Metro

time2 hours ago

  • Metro

Thousands attend candle-lit vigil for Austrian school shooting victims in Graz

To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Austrians held a candlelight vigil to mourn the country's deadliest mass shooting, which left eleven people dead. The country is reeling after yesterday, a former student of Borg Dreirschutzengasse Secondary School in Graz opened fire as students were taking exams. Eleven people have died so far from the shooting, with seven females and three males confirmed among the dead – the shooter killed himself in the bathroom. Yesterday evening, residents of Austria's second-largest city gathered in sombre silence to reflect. Thousands cried, prayed and stood watch over dozens of lit candles in the main town square. Attendee Felix Platzer told Reuters: 'When you hear about it, you have so much sympathy for the people, maybe you could have known someone. 'This is an example of solidarity, and you grieve together. Together it is easier to cope.' In a press conference after the shooting, Austrian Chancellor Christian Stocker said the country would enter three days of mourning, with the flag flown at half mast. 'That such a safe space was hit by such a violent act leaves us speechless,' he said. ''Today is about empathy. It's about cohesion, that we are there together for each other in a difficult hour.' Mario Kunasek, governor of Styria, said: 'Styria is mourning today, the green heart is crying. This is an unimaginable tragedy that happened this morning. 'This is so unfathomable. The lives of so many have changed dramatically today.' The shooter has been named as a 21-year-old man from Graz. Initial investigations have found he owned the guns legally. The suspect has not yet been named. More Trending Investigators found a farewell letter at the home of the suspected gunman, Austrian newspaper Krone has reported. Police reportedly raided his property yesterday afternoon and found the note, the contents of which are unknown. The suspect was a former student at the school and didn't finish his education there. He killed himself after committing the mass shooting. Get in touch with our news team by emailing us at webnews@ For more stories like this, check our news page. MORE: Three gunmen on the loose in Philadelphia after two shot dead in mass shooting MORE: At least 11 injured after gunman opens fire during boat party MORE: Eurovision winner JJ leads calls for Israel to be banned from song contest

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store