Billionaire Gautam Adani and his nephew, Sagar Adani, have reached a settlement agreement with the U.S. Securities and Exchange Commission (SEC) concerning allegations of misleading investors. The settlement resolves claims that the Adanis made false and deceptive statements related to the financial status and operations of a key company within their conglomerate.

The total penalty agreed upon by the individuals amounts to $18 million. This figure is split between the two parties, with Gautam Adani agreeing to pay $6 million individually to close the matter with the regulator. The SEC alleged that these misrepresentations concerned Adani Green Energy Ltd., a major renewable energy subsidiary.

While the settlement concludes the agency's enforcement action, neither party admitted nor denied the findings outlined by the SEC as part of the agreement. The resolution allows the Adani family members to move past the regulatory scrutiny related to the disclosures made regarding the publicly traded entity.

This action marks a conclusion to the investigation initiated by the SEC into the disclosures made by the Adani principals concerning their green energy venture.