SEBI Accuses Gautam Adani's Nephew of Insider Trading in NDTV Open Offer Case

The Securities and Exchange Board of India (SEBI) has accused Pranav Adani, nephew of Adani Group chairman Gautam Adani, of violating insider trading rules in connection with the takeover of New Delhi Television (NDTV) in 2022.

According to SEBI, Pranav allegedly shared unpublished price-sensitive information (UPSI) related to the Adani Group’s open offer for NDTV with his relatives, including his brothers-in-law Kunal Shah and Nrupal Shah, and his father-in-law Dhanpal Shah.

The regulator has issued show-cause notices to all four individuals, The Economic Times reported.

In its notice dated October 15, 2025, SEBI said phone call records showed frequent communication between Pranav Adani and the Shah family members during the period when the information was not public.

The case relates to events in August 2022, when the Adani Group moved to acquire NDTV. Notably, on August 23, 2022, JM Financial, which managed the open offer, informed stock exchanges after market hours about a public announcement related to the NDTV offer.

The offer proposed that Vishvapradhan Commercial, along with AMG Media Networks and Adani Enterprises, would acquire up to 26% of NDTV from public shareholders.

The offer involved buying 16.76 million shares at ₹294 per share, valuing the deal at ₹492.81 crore.

SEBI said the announcement, made after trading hours, qualified as UPSI until it was disclosed through the exchanges.

But, when trading resumed the next day, NDTV shares rose sharply, ending nearly 5% higher on the National Stock Exchange (NSE).

“The corporate announcement of August 23, 2022, is UPSI,” SEBI said, adding that the information had a clear impact on NDTV's share price once it became public.

Following this, SEBI launched an investigation covering the period from May 2 to September 15, 2022, to examine whether any entities traded NDTV shares while in possession of unpublished information.

The regulator alleged that Kunal Shah bought NDTV shares several times during the UPSI period, including in the days and weeks before the public announcement.

This report comes shortly after SEBI dropped a separate insider trading case against Pranav Adani and his brothers-in-law linked to Adani Green Energy's acquisition of SB Energy Holdings, citing insufficient evidence.