The recent orders of the Securities and Exchange Board of India (SEBI), ruling that companies in the Adani Group and its directors have not violated regulations on related party transactions and that they have not indulged in market manipulation, insider trading or in any unfair trading practices, is right according to legal principles or form. Since the expanded definition of related party was not in force when the transactions were carried out, the Adani group has not violated any law which existed then. But doubts remain over the intent behind these transactions. Also, these orders do not bring SEBI investigations into Hindenburg allegations against the Adani group to a closure. Accusations regarding violation of minimum public shareholding norms by the group have not been cleared yet.

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