India, Sept. 19 -- The Securities and Exchange Board of India (SEBI) has given a clean chit to the Adani Group and its associated entities in the Hindenburg case, ruling that the allegations "are not established."

In its order issued on Thursday, SEBI said the proceedings were closed without directions, as the flagged transactions were genuine business dealings and not fraudulent or in violation of related party transaction (RPT) disclosure norms. The regulator stated that since no liability was established, the question of penalty did not arise.

SEBI clarified there was no breach of Listing Obligations and Disclosure Requirements (LODR) by Adani, rejecting claims of concealed related party transactions. It further explained that the br...