MUMBAI : The watchdog concluded after a detailed probe that fund transfers between Adani companies did not breach any regulations.

The Securities and Exchange Board of India, in two detailed orders, ruled that accusations of insider trading, market manipulation, and violations of public shareholding norms were “unsubstantiated.” This decision marks a turning point in a saga that rattled global markets when Hindenburg, now shut down, released its damning report in January 2023.

That report had accused Adicorp Enterprises Pvt Ltd, Milestone Tradelinks Pvt Ltd, and Rehvar Infrastructure Pvt Ltd of acting as conduits to channel funds from Adani Group firms into listed entities Adani Power Ltd and Adani Enterprises Ltd.

Responding to SEBI’s clean chit, Adani said those behind what he termed a “fraudulent” report owed an apology for the damage caused to his group’s reputation and investor confidence.