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ARTICLE · 01 DECEMBER 2025

The Timing Factor - SEBI Gives Adani A Clean Chit

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In September 2025, the Adani Group successfully completed its agnipariksha (trial by fire) triggered by the Hindenburg report, with the Securities and Exchange Board of India ("SEBI") giving the Adani Group a clean chit in respect of the various allegations raised in the report.

IndiaCorporate/Commercial Law
Urvashi Misra
Urvashi Misra
Shailja Rawal
Shailja Rawal
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In September 2025, the Adani Group successfully completed its agnipariksha (trial by fire) triggered by the Hindenburg report, with the Securities and Exchange Board of India ("SEBI") giving the Adani Group a clean chit in respect of the various allegations raised in the report.

The 2023 Hindenburg report, which was released by the Nathan Anderson backed Hindenburg Research firm, left the world divided. While some hailed the firm for exposing the purported irregularities committed by the Adani Group, others labelled it a malicious campaign against the Adani Group. The subsequent resignation of SEBI's chairperson, and eventual shut down of Nathan Anderson's business further fueled the political debate around the report.

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