SEBI accuses Pranav Adani of insider trading: Report
The Securities and Exchange Board of India has alleged that Pranav Adani, the director of several Adani Group companies, shared price-sensitive information and violated regulations that are meant to prevent insider trading, Reuters reported on Friday.
Pranav Adani, the nephew of industrialist Gautam Adani, was sent a notice by the market regulator in 2024. The regulator alleged that Pranav Adani had, in 2021, shared information about Adani Green's acquisition of SB Energy India with his brother-in-law before the deal was made public, Reuters reported quoting an unidentified person and a regulatory document.
Responding to the allegations, Pranav Adani told Reuters that he has sought to settle the charges 'to put an end to the matter, without admission or denial of the allegations'. He claimed that 'he has not violated any securities law'.
Pranav Adani had 'communicated UPSI [unpublished price sensitive information] pertaining to the SB Energy acquisition' to his brother-in-law Kunal Shah, Reuters quoted from the document. This violated regulations that seek to prevent insider trading.
The document showed call records and trading patterns that were reviewed in SEBI's investigation, Reuters reported.
Kunal Shah and his brother Nrupal Shah had traded shares of Adani Green and made 'ill-gotten gains' of Rs 91.1 lakh, Reuters quoted the SEBI document as having alleged.
In a statement sent by their law firm to Reuters, Kunal Shah and Nrupal Shah said that the share transactions were not executed with the 'knowledge of any unpublished price sensitive information nor with any mala fide intent'.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,' they were quoted as having said.
The market regulator did not respond to requests for comment by Reuters. Adani Green has not commented on the allegations.
Adani Green announced the acquisition of SB Energy India in May 2021 for $3.5 billion, making it the largest acquisition in the renewable energy sector in the country.
Pranav Adani came to know about the imminent acquisition when the deal was finalised two to three days before it took place, Reuters quoted SEBI as having said.
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