Allegations on Adani Investigations Since 2016 were Factually Baseless according to SEBI

The Securities and Exchange Board of India (SEBI) has denied allegations that it has been carrying out an investigation into the Adani Group since 2016, calling the claims "factually baseless". The Indian government has faced criticism for its perceived closeness to Gautam Adani, the head of the Adani Group, after reports emerged of a surge in wealth and influence for the billionaire after Prime Minister Narendra Modi came to power in 2014. The Securities and Exchange Board of India's statement comes amidst allegations of impropriety being levelled against Adani Group companies and the recent decline in the group's share prices. Adani Group's officials have denied any wrongdoing and claimed that the regulatory probes were a part of a broader campaign to destabilize the group's operations.

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