New Delhi, Sept. 19 -- The Securities and Exchange Board of India on Thursday cleared the Adani Group and its top executives in cases stemming from allegations made by US short-seller Hindenburg Research in January 2023.

The market regulator's final orders concluded that transactions routed through third-party entities could not be classified as related-party transactions under the regulations that existed at the time the deals occurred.

Sebi's two orders, passed on 18 September, addressed Hindenburg's allegations that listed Adani Group companies moved funds to each other via a set of private, unrelated firms to bypass regulatory requirements. Sebi found no violation of listing regulations or its rules against fraudulent trade practice...