The Securities and Exchange Board of India (SEBI) has disposed of proceedings against Gautam Adani, Vinod Adani and other Adani family members over alleged violations of minimum public shareholding (MPS) norms in four Adani Group companies.
The regulator said there was insufficient evidence to establish that Vinod Adani exercised effective control over two foreign portfolio investors (FPIs) that held shares in Adani Enterprises, Adani Power, Adani Ports and Special Economic Zone, and Adani Energy Solutions.
SEBI had examined allegations that investments made through the two FPIs should have been treated as promoter-group holdings rather than public shareholding. Under Indian listing rules, listed companies are generally required to maintain at least 25% public shareholding.
In a separate order, SEBI imposed a ₹20 lakh penalty each on Nasser Ali Shaban Ahli and Chang Chung-Ling for failing to provide correct and complete information to the regulator.
Separately, the four Adani Group companies and their directors, including Gautam Adani, settled related MPS proceedings by paying a combined ₹1.48 crore. The settlement was made without admission or denial of the findings in the show-cause notices.
