Sebi settles disclosure violation charges against Adani Ports CEO, CFO

India's market regulator on Thursday settled disclosure violation charges against the CEO and chief financial officer of Adani Ports in a case involving PMC Projects and its units, after the two executives paid ‌1.37 million rupees ($14,354.57) ⁠each ⁠without admitting or denying wrongdoing.

* The settlement relates to ​an investigation into banking transactions and inter-corporate security deposits involving ​PMC Projects (India) Private Limited, Adani Ports and Special Economic Zone Ltd (APSEZ), and the port operator's ​subsidiaries.

* Securities and Exchange Board ⁠of India (SEBI) ‌said it had sent notices to two key management personnel in 2023 ⁠for alleged violations of its rules, which require CEOs and CFOs to certify the accuracy of financial statements and maintain adequate internal controls.


* This case was one of the 24 cases that were being examined by SEBI following allegations by short-seller Hindenburg ‌in January 2023 that the Gautam Adani-led group manipulated its share prices through ​the use ​of tax ⁠havens. The group has denied these allegations.

* Hindenburg, in its report, had also alleged that PMC Projects was ​an undisclosed related party and its transactions with listed Adani entities should have faced shareholder scrutiny.