SEBI alleges insider trading in Adani Green Energy acquisition
This order addresses SEBI's investigation into alleged insider trading in Adani Green Energy Limited (AGEL) shares by Pranav Adani and two relatives, Kunal Shah and Nrupal Shah, during the period leading up to the public announcement of AGEL's acquisition of SB Energy.
Pranav Vinod Adani (Noticee No. 1), Kunal Dhanpalbhai Shah (Noticee No. 2), Nrupal Dhanpalbhai Shah (Noticee No. 3), and Adani Green Energy Limited (AGEL).
- SEBI alleged that the acquisition of SB Energy by AGEL was Unpublished Price Sensitive Information (UPSI) from April 29, 2021, to May 19, 2021.
- SEBI alleged that Noticee No. 1 (Pranav Adani) communicated this UPSI to Noticee No. 2 (Kunal Shah).
- SEBI alleged that Noticees No. 2 and 3 traded in AGEL shares while in possession of UPSI, violating the Prohibition of Insider Trading Regulations.
- SEBI calculated a notional unlawful gain of ₹50,92,500 for Noticee No. 2 and ₹40,45,268.45 for Noticee No. 3.
- All three noticees filed settlement applications in January 2024 under the SEBI Settlement Proceedings Regulations, 2018, without admitting or denying the violations.
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Document details
| Official title | Order in the matter of alleged insider trading in the scrip of Adani Green Energy Limited by Pranav Adani and Others |
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | — |
| Status | closed (order) |
| Year | 2025 |
| Closing date | — |
| Documents | 1 |