Jairam Ramesh Urges Continued Probe into Adani Despite SEBI Clean Chit

Fast Summary

• On September 19,2025,Congress called for further examination into allegations against the Adani Group despite SEBI’s clearance of two out of 20 matters under Supreme Court-mandated investigation related to the Hindenburg case.
• Jairam Ramesh, Congress general secretary for communications, stated that SEBI took over two years to issue findings despite a deadline set by the Supreme Court.
• Pending investigations include insider trading allegations and offshore transactions involving associates Nasser Ali Shaban Ahli and Chang Chung-Ling.
• The Congress reiterated concerns over broader issues (dubbed as “Modani Scam”), including alleged misuse of government agencies (ED, CBI), infrastructure privatization favoring Adani Group, an uninvestigated ₹2,000 crore bribery scheme tied to solar contracts, and coal import practices affecting electricity costs in Gujarat.
• SEBI’s recent orders found unsubstantiated claims regarding insider trading and market manipulation but clarified fund transfers within Adani entities were legally compliant.
• The Gujarat-based Adani Group has denied all accusations.

Indian Opinion Analysis

The clearance by SEBI represents a significant endorsement for the Adani Group amid long-standing controversies linked to Hindenburg Research.However,concerns raised by Congress highlight unresolved facets extending beyond stock market regulations-such as allegations surrounding public asset privatization processes or governance institution clarity.While awaited conclusions on remaining issues from SEBI could provide additional clarity on corporate compliance matters like insider trading operations or offshore dealings tied to close associates of Gautam Adani.

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