SEBI drops shareholding case against Vinod Adani, finds no proof he controlled offshore funds
India’s securities regulator, SEBI, has withdrawn the minimum public shareholding and fraud allegations against Vinod Adani and eleven other entities after concluding there was no evidence he controlled offshore funds. The agency also levied penalties totaling ₹20 lakh on two parties for failing to disclose required information. The ruling comes as the market seeks greater transparency at this time.