'Will you act now?' Congress asks SEBI over insider trading charge against Adani nephew

Congress general secretary Jairam Ramesh said the people of India are still waiting for SEBI to complete the investigation into Adani's violation of 24 counts of securities laws.

New Delhi: Congress on Saturday asked market regulator SEBI whether it will initiate proceedings to prosecute Gautam Adani's nephew, Pranav Adani, as he is facing allegations of breaching regulations aimed at preventing insider trading.

Party General Secretary (Communications) Jairam Ramesh said posted on 'X', "Will SEBI once again let the Prime Minister’s favourite business group off with a slap on the wrist? Or will it prosecute the case to the full extent of the law?"

"The 'Modani' (Modi-Adani) matter simply refuses to go away. Recently, Gautam Adani’s nephew -- who is a director in several Adani Group companies -- has been accused of insider trading by sharing unpublished, price-sensitive information with his brother-in-law, which resulted in 'ill-gotten gains' of Rs 90 lakh," he claimed.

He also said people are still waiting for SEBI to complete the investigation into Adani's violation of 24 counts of securities laws.

"It has been 26 months since the Supreme Court directed SEBI to complete its investigation following the Hindenburg revelations. Meanwhile, SEBI's US counterpart -- the Securities and Exchange Commission -- has been much more proactive since it received evidence that between 2020 and 2024 Gautam Adani and seven associates offered Rs 2,000 crore in bribes to Indian officials to secure solar power contracts that would have yielded over Rs 16,000 crore in profits," he said.

"The Modi government has predictably chosen not to assist the SEC – now acting under President Donald Trump's administration – in serving a legal summons to Adani despite repeated requests for assistance from the SEC, according to a 25 April 2025 SEC update," he alleged.