Adani Enterprises, Adani Green: Most Adani stocks trade higher after SEBI settles ₹1.5 crore case; key details

Shares of Adani Group companies were in positive territory in the early session on Wednesday, September 23, after market regulator SEBI on Tuesday settled adjudication proceedings against five Adani group companies.

The proceedings were over alleged violations related to the disclosure of related-party transactions and audit as well as limited review reports, with the firms collectively paying ₹1.5 crore as a settlement amount.

The five companies are Adani Enterprises Ltd, Adani Total Gas Ltd, AWL Agri Business Ltd (formerly Adani Wilmar Ltd), Adani Green Energy Ltd and Adani Energy Solutions Ltd (formerly Adani Transmission Ltd), according to SEBI's settlement order.

Under the settlement terms, Adani Enterprises paid ₹76.05 lakh, while Adani Green Energy paid ₹45.50 lakh. Adani Total Gas, AWL Agri Business and Adani Energy Solutions paid ₹9.75 lakh each.

How stocks were performing in early trade

Adani Enterprises shares were up 0.4% at ₹3,008.90 apiece on the NSE, while AWL Agri Business was up 0.25% at ₹183.56. Adani Green Energy shares were trading at ₹1,309.20, up 0.4%, while Adani Energy Solutions was 0.38% down at ₹1,376.40.

Adani Total Gas was also trading lower at ₹624.60 on the NSE.

Details for market participants

According to the settlement order, the proceedings related to the alleged non-disclosure of certain related-party transactions and instances where audit or limited review reports were signed by audit firms without holding a valid peer review certificate.

SEBI had issued a show-cause notice to the companies in February 2024, asking them to explain why an inquiry should not be held and penalties imposed for the alleged violations.

It was alleged that Adani Enterprises Ltd (AEL) failed to disclose certain related-party transactions (RPTs) between its subsidiary Adani Estates Private Ltd and Vakoder Investment Ltd, a related party of AEL, in its FY13 annual report as required under the applicable accounting standards.

It was also alleged that AEL's audit report for FY15 and the limited review report for the quarter ended June 2015 were signed by an audit firm, which did not hold a valid peer review certificate. Further, AEL's limited review reports for the quarters ended June 2017, September 2017 and December 2021 were signed by the audit firm, which did not hold a valid peer review certificate.

Similarly, Adani Total Gas, AWL Agri Business, Adani Green Energy and Adani Energy Solutions faced proceedings pertaining to limited-review or audit reports signed by an audit firm without a valid peer review certificate.

Pending adjudication proceedings, the companies subsequently proposed to settle the proceedings without admitting or denying the findings of fact and conclusions of law.

The settlement terms were recommended by SEBI's High Powered Advisory Committee in June 2026 and accepted by the Panel of Whole Time Members on August 13. SEBI subsequently received the settlement amounts from the applicants, the order said.