SEBI Alleges Pranav Adani Shared NDTV Open Offer Information with Relatives
SEBI has accused Pranav Adani of sharing price-sensitive information about the Adani Group's open offer to buy NDTV shares with his brother-in-law. SEBI has issued a show-cause notice to Pranav Adani, his brother-in-law Kunal, and others. SEBI had previously dropped the insider trading case against Pranav Adani and others due to lack of evidence.
The Market regulatory body for the stock market, Securities and Exchange Board of India (SEBI), has accused Pranav Adani of disclosing inside information regarding the acquisition of the shares of NDTV (New Delhi Television) by Adani Group to his brother-in-law.
These accusations date back to August 2022, at a time when Adani Group was buying this channel. Pranav Adani is an executive at Adani Enterprises.
According to media reports, SEBI has issued show-cause notices to Pranav Adani, his brothers-in-law Kunal and Nripal Shah, and his father-in-law Dhanpal Shah.
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In its notice, dated October 15, 2025, SEBI alleged that Kunal, Nripal, and Dhanpal Shah had phone conversations with Pranav Adani, indicating the frequency of communication between these individuals and Pranav Adani during the UPSI (unpublished price sensitive information) period.
Last week, SEBI dropped the insider trading case against Pranav Adani and his brothers-in-law Nripal and Kunal Shah, citing lack of evidence. SEBI had alleged that Pranav Adani shared price-sensitive information about Adani Green Energy's acquisition of SoftBank-backed SB Energy Holdings with his relatives before the deal was announced.
It may be recalled that on August 23, 2022, JM Financial, the manager of the open offer, informed the stock exchanges after market hours about a public announcement regarding the open offer for NDTV.
The announcement stated that Vishwapradhan Commercials, along with its consortium partners – AMG Media Networks and Adani Enterprises – would acquire up to 26% of NDTV's share capital from public shareholders.
