Sebi settles disclosure violation charges against Adani Ports CEO, CFO

ReutersLast Updated: Sep 10, 2026, 05:34:00 PM IST

Synopsis

India's Securities and Exchange Board of India has resolved disclosure breach allegations against two Adani Ports executives, who each settled by paying 1.37 million rupees without acknowledging any fault. This action comes after a thorough probe into banking operations and inter-corporate security deposits, triggered by concerns over financial reporting violations. The inquiry was part of a broader review sparked by the Hindenburg report on potential share price manipulation.

India's market regulator on Thursday settled disclosure violation charges against the CEO and chief financial officer of Adani Ports in a case involving PMC Projects and its units, after the two executives paid ‌1.37 million rupees ($14,354.57) ⁠each ⁠without admitting or denying wrongdoing.

* The settlement relates to ​an investigation into banking transactions and inter-corporate security deposits involving ​PMC Projects (India) Private Limited, Adani Ports and Special Economic Zone Ltd (APSEZ), and the port operator's ​subsidiaries.

* Securities and Exchange Board ⁠of India (SEBI) ‌said it had sent notices to two key management personnel in 2023 ⁠for alleged violations of its rules, which require CEOs and CFOs to certify the accuracy of financial statements and maintain adequate internal controls.

* This case was one of the 24 cases that were being examined by SEBI following allegations by short-seller Hindenburg ‌in January 2023 that the Gautam Adani-led group manipulated its share prices through ​the use ​of tax ⁠havens. The group has denied these allegations.

* Hindenburg, in its report, had also alleged that PMC Projects was ​an undisclosed related party and its transactions with listed Adani entities should have faced shareholder scrutiny.

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