Adani Shares Slip As Sebi Settles MPS Case Against Four Group Firms

Shares of Adani Power, Adani Enterprises, Adani Ports and Adani Energy Solutions Ltd are in focus on September 29 after the Securities and Exchange Board of India (Sebi) settled proceedings related to alleged non-compliance with minimum public shareholding (MPS) norms.

Adani Power fell over 1 per cent to Rs 194.18, Adani Enterprises slipped 0.61 per cent to Rs 2,809.65, Adani Energy Solutions declined 0.61 per cent to Rs 1,278.10, while Adani Ports traded flat-to-positive.

Sebi’s settlement order dated September 28 names the four companies along with their directors and says the proceedings were settled without the applicants admitting or denying the facts and conclusions of law. The regulator had started its investigation on October 23, 2020 following complaints alleging MPS violations.

The settlement amount was Rs 37.05 lakh for each of the four companies and their respective directors, taking the total to Rs 1.48 crore. The applicants paid the amounts on August 26, 2026, according to the order.

Sebi said the settlement applications were considered by its High Powered Advisory Committee on June 29, 2026. The recommendations were subsequently approved by the panel of whole-time members on August 13. The settlement order says the proceedings have been disposed of and Sebi will not initiate further enforcement action for the violations alleged in the show-cause notices, subject to the conditions specified in the order.

A separate 81-page final order dealt with the remaining proceedings involving Vinod Adani and other noticees. In that order, Sebi said the core allegation that Vinod Adani exercised effective control over the foreign portfolio investors holding shares in the four Adani companies was not established. The regulator consequently held that the alleged MPS violation and the related charges under the Prohibition of Fraudulent and Unfair Trade Practices Regulations were not established.

Sebi’s order also separately imposed a Rs 20 lakh penalty each on Nasser Ali Shaban Ahli and Chang Chung-Ling for failing to furnish correct and complete information during the investigation. The penalties were not imposed for an MPS violation.

The case was about whether some shareholdings should have been treated as public holdings or as promoter holdings. It also looked at investments made through two foreign portfolio investors (FPIs) and Opal Investments. The investigation covered Adani Enterprises, Adani Power, Adani Ports and Adani Transmission, now known as Adani Energy Solutions.