SEBI Clears Pranav Adani in Adani Green Energy Insider Trading Case: No Evidence of UPSI Sharing in SB Energy Deal

In a major relief for the Adani family, India's markets watchdog SEBI has dismissed insider trading allegations against Pranav Adani, nephew of billionaire Gautam Adani, in connection with Adani Green Energy Limited's (AGEL) blockbuster $3.5 billion acquisition of SB Energy Holdings back in 2021.

The 50-page order, released just hours ago, found zero evidence of any Unpublished Price Sensitive Information (UPSI) being shared, paving the way for the case to be closed without penalties.

This development comes amid ongoing scrutiny of the Adani Group's business practices, but it marks another win for the conglomerate. Pranav Adani, along with relatives Kunal Shah and Nrupal Shah, faced show-cause notices in November 2023 over trades made days before the deal's official announcement.

Regulators suspected Pranav had tipped them off, leading to quick profits of ₹51 lakh and ₹40 lakh from buying AGEL shares on May 17-18, 2021. However, SEBI's deep dive into call records, trade patterns, and media timelines debunked these claims entirely.

At the heart of the probe was a phone call between Pranav and Kunal on May 16, 2021. SEBI ruled it innocent—no UPSI was discussed. By that afternoon, whispers of the SB Energy deal had already hit the headlines through media reports.

The trades that followed? Just normal market moves, not fueled by secret info. AGEL's shares jumped 3.75% on announcement day, May 19, closing at ₹1,243.65 from ₹1,198.75 the previous day. But the surge? It kicked off post-media buzz, not insider whispers, SEBI noted.

The order pulls no punches: "The trades of noticees Kunal and Nrupal were genuine and not influenced by any UPSI. Pranav Adani, though a connected person, had no proof of UPSI communication." It's a clean sweep— no fines, no bans, just closure.

SEBI didn't stop there. In a parallel 63-page ruling, it also cleared Vinod Baheti, the former Adani Group mergers and acquisitions head, plus Tarun Jain, Rajatru Enterprises, and MC Jain Infoservices. All faced similar accusations tied to the same deal but walked away unscathed due to lack of evidence.

Rewind to the deal itself: On May 19, 2021, AGEL dropped the bombshell on stock exchanges—snapping up 100% of SB Energy from SoftBank and Bharti Group for ₹31,693 crore.

This mega-move supercharged Adani's renewable energy push, adding 2.7 GW of solar and wind assets to its portfolio. It was a game-changer for India's green energy scene, but early trades from January to August 2021 raised red flags, sparking SEBI's year-long investigation.

For the Adani Group, this is relief number two in quick succession. Just months ago, in September 2025, SEBI quashed related-party transaction claims stemming from the explosive Hindenburg Research report.

With this insider trading cloud lifted, eyes are on AGEL shares—they could see a sentiment boost as the group doubles down on solar and wind expansions. Gautam Adani's empire, valued in trillions, keeps chugging along despite global headwinds.

A quick primer: Insider trading is when folks with inside scoop—like execs or relatives—trade stocks on confidential info for an edge. It's illegal, erodes market trust, and SEBI cracks down hard to keep things fair. This case? A reminder that probes cut both ways—allegations must stick, or they're history.

As Adani Green eyes more green deals, investors breathe easier. Will this steady the group's stock rally? Stay tuned for market reactions tomorrow.