India's market regulator SEBI has cleared Pranav Adani and his relatives of insider trading allegations, marking the closure of an investigation revolving around trades ahead of Adani Green Energy's Ltd's $3.5 billion acquisition announcement of SB Energy in May 2021.

In two orders dated Friday, December 12, 2025, the Securities and Exchange Board of India said they were unable to levy charges after finding that assumptions underlying the show-cause notice, including the duration of the unpublished price-sensitive information (UPSI) period and the status of informations available publicly, were not consistent with the evidence on record.

As per the orders, internal discussions, preliminary exchanges and indicative valuations circulated within AGEL unitl mid-May did not classify as UPSI.

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