Sebi clears Pranav Adani and family of insider trading charges

Business Dec 13, 2025

India's market regulator, Sebi, has dropped insider trading charges against Pranav Adani (Gautam Adani's nephew) and his relatives Kunal Shah and Nrupal Shah.
The case was about their trades in Adani Green Energy shares in May 2021, which were linked to the company's planned acquisition of SB Energy from SoftBank.

Why Sebi let them off

After a detailed investigation, Sebi said the key details about the acquisition were already public through media reports before any trades happened—so it wasn't "insider" info.
Plus, the Shah brothers' trades matched their usual patterns.
No penalties or restrictions were given, and Pranav Adani has always maintained he did nothing wrong.