New Delhi, Sept. 28 -- Markets regulator Securities and Exchange Board of India (SEBI) on Monday ruled that allegations pertaining to minimum public shareholding (MPS) violation against four of the Adani Group companies were not established. The decision closes a probe that had been initiated in 2020.

Securities and Exchange Board of India (SEBI) had received certain complaints during June and July 2020 alleging, inter alia, non-compliance with the minimum public shareholding ("MPS") requirements by certain listed companies in the Adani group. A show cause notice (SCN) was then issued. The allegations in the SCN dealt with alleged violations of MPS norms and Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Mark...