Group firms said last month they had received notices from regulator
Adani Enterprises said notices had no material consequential effect
Group raising spending in fiscal 2025 by 85 to 1.3 trln rupees
Targeting expected boom in infrastructure development in India

AHMEDABAD, India, June 25 The finance chief of the Adani Group conglomerate on Tuesday deemed some of the Indian market regulator notices received by group firms citing alleged regulatory lapses as trivial in nature.

Led by billionaire Gautam Adani, the group has faced regulatory challenges in India since a report by short seller Hindenburg Research in January 2023. It accused group firms of improper use of tax havens and stock manipulation which sparked a 150 billion meltdown in the market value of group firms.

The Adani Group denied any wrongdoing.

Then last month, flagship firm Adani Enterprises and other group companies disclosed they had received notices from the Securities and Exchange Board of India SEBI about alleged violations including noncompliance with certain provisions for listed companies.

Some notices are trivial, Chief Financial Officer Jugeshinder Singh told a media briefing in Ahmedabad on Tuesday.

He referred to one such query he himself received relating to his share trading history in relation to the time that GQG Partners invested in the group last year.

I don39;t even have a demat account. They were very surprised to find out that I don39;t have a demat account, he said,…