India’s markets regulator SEBI has disposed of proceedings against Adani Group chairman Gautam Adani and four group companies in a case alleging violations of minimum public shareholding norms, Reuters reported on Monday.

The regulator imposed penalties of Rs 2 million each on two individuals named in the case, bringing the long-running enforcement matter to a close.

The development comes days after four Adani Group companies paid Rs 1.51 crore to settle separate cases with SEBI relating to disclosure and audit violations.

In a related matter, the Securities Appellate Tribunal on Monday disposed of appeals filed by five Adani-linked foreign portfolio investors after SEBI agreed to share file notings related to their cases.

The orders close two significant regulatory matters for the group, which has faced close scrutiny from the market regulator over the past three years.

Minimum public shareholding norms require listed companies to keep at least 25 per cent of their shares with the public. The case had centred on whether certain foreign investors holding Adani shares should be counted as part of the public float.