New Delhi: Securities and Exchange Board of India (SEBI) has alleged Pranav Adani, director of several Adani group companies and the nephew of Gautam Adani, ‘shared price sensitive information and breached regulations aimed at preventing insider trading’, Reuters reported.

According to a document reviewed by the news agency, the nephew of billionaire founder, was issued a notice by the market regulator in 2024, which alleged that he shared information about Adani Green’s 2021 acquisition of SoftBank-backed SB Energy Holdings with his brother-in-law before the deal was announced.

Meanwhile, replying to the query of the news agency, Pranav Adani sent his reply in an email stating that he was seeking to settle the charges “to put an end to the matter, without admission or denial of the allegations” and that “he has not violated any securities law”.

Reuters quoted a source saying that settlement terms were being deliberated upon.

The latest report against Pranav Adani comes after the US Federal Reserve in 2024 indicted Gautam Adani and two Adani Green executives for allegedly paying bribes to secure Indian power supply contracts and misleading US investors. The conglomerate has vehemently denied the charges and termed them “baseless”.

Reuters further stated that SEBI document mentioned that Pranav Adani “communicated UPSI (unpublished price sensitive information) pertaining to the SB Energy acquisition” to his brother-in-law Kunal Shah, which calls for violation of rules to insider trading rules in 2021.

The document alleged that Kunal Shah and Nrupal Shah, traded in shares of Adani Green and made “ill-gotten gains” of 9 million rupees ($108,000).

The document accessed by the news agency claimed that the law firm of Shah brothers stated that the trades were not executed with the “knowledge of any unpublished price sensitive information nor with any mala fide intent.”

“The information in question was already generally available in the public domain,” the statement said.

(With inputs from Reuters)