Guwahati, Sept. 18 -- In a major development, the Securities & Exchange Board of India (Sebi) on Thursday sent a clean chit to the Adani group.

It dismissed allegations of stock manipulation made by US short-seller Hindenburg Research against Gautam Adani and his group companies, including Adani Enterprises, Adani Ports, and Adani Power.

Hindenburg, in January 2023, alleged that the Adani Group used three companies - Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure - as conduits to route money between Adani group firms.

The claim was that this helped Adani avoid rules on related party transactions, possibly misleading investors.

From SEBI

Sebi found no violations, "noting that at the time such transactions with un...