Markets regulator SEBI has cleared Vinod Adani and 11 others of allegations over minimum public shareholding and unfair trade practices. Whole Time Member Kamlesh Chandra Varshney passed the order.

The case came from complaints filed in October 2020. It alleged that Vinod Adani controlled two foreign portfolio investors whose stakes in Adani Enterprises affected the company’s public float. SEBI said it found no evidence that he controlled the FPIs or the firm named Opal.

Because the control charge failed, the related allegation on minimum public shareholding also fell. The order ends a probe that ran for more than five years.

Separately, four Adani group companies and 14 directors settled smaller regulatory lapses. They paid Rs 1.48 crore in total, or Rs 37 lakh each, to close the matter.

SEBI had issued a show-cause notice in September 2024 and a supplementary notice in March 2025. The settlement covers disclosure and process lapses, not the main control charge.