The Securities and Exchange Board of India (SEBI) has officially dismissed allegations of stock manipulation against billionaire Gautam Adani and his conglomerate, the Adani Group. The claims were initially made by U.S.-based short-seller Hindenburg Research in January 2023, accusing the group of using tax havens and failing to disclose related-party transactions. These allegations triggered a massive $150 billion sell-off of Adani Group stocks, though the shares have since rebounded. SEBI conducted an extensive investigation into the group, including Adani Ports, Adani Power, and Adani Enterprises, examining 24 separate sets of violations such as insider trading and stock price manipulation. The regulator concluded that the transactions flagged by Hindenburg did not qualify as related-party transactions under SEBI rules and thus did not violate disclosure norms or constitute market manipulation. Gautam Adani, Chairman of the Adani Group, welcomed the decision, stating on X that it reaffirms the group’s commitment to transparency and integrity. Hindenburg Research founder Nathan Anderson announced earlier this year that he would disband the firm, citing the immense toll of his work. SEBI also noted that its expanded disclosure rules, introduced in 2022, cannot be applied retroactively to transactions occurring between 2012 and 2021.