MUMBAI, May 15 -- The US market regulator's $18-million settlement of a civil case against Indian billionaire Gautam Adani and nephew Sagar Adani has no immediate bearing on a parallel criminal investigation initiated against them by the US Department of Justice (DoJ).

The Securities and Exchange Commission (SEC) and the Adanis acknowledged that the settlement does not grant them immunity from any criminal liability related to the case, they said in their filings with a New York court.

"This settles the civil action brought by the Securities and Exchange Commission. It has no implications for the existing criminal charges brought by the DoJ or any other criminal investigation that may be pending," said Russell A. Stamets, a partner at C...