The Securities and Exchange Board of India (SEBI) accused Pranav Adani, the nephew of Adani Group chairman Gautam Adani, of breaking insider trading rules connected to the takeover of New Delhi Television (NDTV) in 2022. SEBI claims Pranav shared unpublished price-sensitive information (UPSI) about the Adani Group’s open offer for NDTV with his relatives.
SEBI Accuse Nephew of Gautam Adani
In a notice dated October 15, 2025, SEBI pointed out that phone call records showed Pranav communicated with the Shah family during the time when the information was not public.
This case involves events from August 2022, when the Adani Group sought to acquire NDTV. JM Financial, which managed the open offer, informed stock exchanges after market hours about a public announcement of NDTV offer.
The offer show that Vishvapradhan Commercial, along with AMG Media Networks and Adani Enterprises, would buy up to 26% of NDTV from public shareholders. The proposal included purchasing 16.76 million shares at ₹294 per share, valuing the deal at ₹492.81 crore.
Will it affects the NDTV share price?
SEBI said that the announcement, made after trading hours, counted as UPSI until it revealed through the exchanges. However, when trading resumed the next day, NDTV shares increased sharply, finishing nearly 5% higher on the National Stock Exchange (NSE).
“The corporate announcement of August 23, 2022, is UPSI,” SEBI said, noting that the information clearly affected NDTV’s share price once it became public. Following this, SEBI initiated an investigation covering the period from May 2 to September 15, 2022, to see if any entities traded NDTV shares while having unpublished information.
The regulator accused Kunal Shah of buying NDTV shares multiple times during the UPSI period, including in the days and weeks before the public announcement.
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