India’s Securities and Exchange Board of India settled a case involving Gautam Adani, members of his family, four Adani Group companies and 14 directors over suspected breaches of public-shareholding rules. Adani Energy Solutions, Adani Power, Adani Enterprises and Adani Ports and Special Economic Zone paid 14.8 million rupees (S$196,838) to resolve the proceedings without admitting or denying the findings. In a separate 81-page order concerning the same investigation, SEBI member Kamlesh Varshney found no evidence that Vinod Adani controlled foreign companies that invested in Adani Group firms, and cleared 12 entities of violating shareholding rules or engaging in alleged unfair trading. SEBI fined UAE-based businessman Nasser Ali Shaban Ahli and Taiwanese businessman Chang Chung-ling 2 million rupees each for failing to provide correct and complete information. The investigation began in 2020 over offshore investments that regulators suspected could have been structured to bypass India’s rule limiting founders to 75% of a listed company. Hindenburg Research cited the probe in its January 2023 report alleging corporate malpractice at the Adani Group, which denied the allegations. The resolution removes one of the group’s longest-running regulatory overhangs and follows other settlements and case developments in 2026, as Adani pursues investments in data centres, airports and other infrastructure.