Gautam Adani and Sagar Adani have agreed to pay civil penalties of $6 million and $12 million, respectively, to resolve charges from the U.S. Securities and Exchange Commission (SEC) over allegedly misleading disclosures related to a 2021 bond offering by Adani Green Energy.
The SEC announced on Thursday that it sought final judgments by consent against both executives in the U.S. District Court for the Eastern District of New York. These proposed settlements are pending court approval.
In an arrangement that sees both executives neither admitting nor denying the allegations, they have consented to permanent injunctions that prevent them from violating Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5.
Sources have indicated that a similar settlement may soon be reached with the U.S. Department of Justice, which has indicted the Adanis on criminal fraud charges. “We expect closure of all the cases in a month or so,” said sources familiar with the discussions.
The resolution of these U.S. cases is crucial for the Adani Group’s fundraising efforts, as a substantial portion of its long-term financing comes from bond issuances aimed at U.S. investors. A report from Reuters has also connected the settlement to Adani’s commitment to invest $10 billion and create 15,000 jobs in the U.S. following former President Donald Trump’s anticipated re-election in 2024.
The SEC’s complaint, initially filed in November 2024, accused the two executives of orchestrating a scheme involving hundreds of millions in bribes to Indian government officials in exchange for commitments to purchase energy at above-market rates, favoring Adani Green.
According to the SEC, the alleged bribery scheme was active at the time Adani Green launched a $750 million bond offering in September 2021, which raised over $175 million from U.S. investors. The regulator claimed that the offering documents issued during this bond sale misrepresented Adani Green’s compliance with anti-corruption laws, rendering the disclosures materially misleading given the alleged conduct.
The SEC has indicated that the proposed final judgments would impose permanent restrictions on both executives concerning future violations of U.S. securities laws related to fraud and misleading statements. The investigation was handled by officials from the SEC’s New York Regional Office, and the litigation team included attorneys Christopher Colorado, Nicholas Karasimas, and Stewart Gilson, under the direction of senior enforcement officials.
Published on May 15, 2026.
