Mumbai, Dec. 13 -- The Securities and Exchange Board of India (Sebi) has dismissed insider-trading allegations against Pranav Adani and six others, closing a long-running investigation into trades executed ahead of Adani Green Energy Ltd's (AGEL) announcement of its $3.5 billion acquisition of SB Energy in May 2021.

In two separate orders, released on Friday, the regulator concluded that the charges could not be established, after finding that the assumptions underlying the show-cause notices, including the duration of the unpublished price-sensitive information (UPSI) period and the status of information in the public domain, were inconsistent with the evidence on record.

The regulator reconstructed in detail how discussions between AG...