SEBI Settlement Order Received; Settlement Amount of INR 37,05,000 Paid

SEBI has passed a Settlement Order covering the company, directors Gautam S. Adani, Rajesh S. Adani, Anil Kumar Sardana and erstwhile directors Deepak Bhargava and Laxmi Narayana Mishra.

Tue 29 Sep 2026

Settlement Amount

INR 37,05,000

SEBI Settlement Order Date

September 28, 2026

Settlement Type

Without admission or denial of findings

Alleged Violations

Minimum public shareholding and disclosure norms violations

What happened

SEBI accepted the terms of settlement and passed a Settlement Order on the settlement applications shared by the company (formerly Adani Transmission Limited), its directors Mr. Gautam S. Adani, Mr. Rajesh S. Adani and Mr. Anil Kumar Sardana, and erstwhile directors Mr. Deepak Bhargava and Mr. Laxmi Narayana Mishra.

The settlement is made without admission or denial of the findings of fact and conclusions of law regarding the alleged violations, under the SEBI (Settlement Proceedings) Regulations, 2018.

Alleged violations settled

• Rule 19A of the Securities Contracts (Regulations) Rules, 1957
• Clauses 35 and 40A of the erstwhile Listing Agreement
• Regulations 31 and 38 of SEBI Listing Regulations
• Read with Section 27(1) of the SEBI Act, 1992 and Section 24(1) of the Securities Contracts (Regulation) Act, 1956

These provisions relate broadly to shareholding pattern disclosures and minimum public shareholding requirements.

Money involved

• Settlement amount: INR 37,05,000 for the company and the abovementioned directors
• The company states there is no material financial impact arising out of the Settlement Order

Other details

• Date of receipt of communication: September 28, 2026
• Authority: Securities and Exchange Board of India
• Period of applicability: N.A.
• Action taken by the company with respect to the communication: N.A.

How to read this

A settlement closes the regulatory proceeding without a finding of guilt or innocence. The amount involved is small relative to the size of the company, and management has stated there is no material financial impact. The relevance for investors is that a pending regulatory matter involving the company and named directors has been brought to a close.

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