The Securities and Exchange Board of India (SEBI) has kept in abeyance pleas by the Adani group and its offshore investors to settle a raft of regulatory charges until internal processes are reviewed, two sources with direct knowledge of the matter said.

The SEBI, where a new chief took charge in March, is reviewing rules of settlement pleas, the regulator said last month. A lack of uniformity in the settlement process and unclear rules on the nature of penalties imposed has prompted the review, the first source said.

The review could take three months after which the Adani pleas will be taken up under new processes, said the second source.

Under SEBI’s settlement process, investors and market participants pay a monetary fine or agree to regulatory directions without admission or denial of guilt. The sources declined to be identifed as the status of investigations and pleas are private.

SEBI and the Adani group did not respond to emails seeking comment. SEBI began investigating the Adani group in 2023 after U.S.-based shortseller Hindenburg alleged improper use of tax havens and stock manipulation by the group, setting on a $150 billion sell-out despite the conglomerate’s denials of wrongdoing. 

People at a jewellery shop in T. Nagar, in Chennai on Wednesday, for Akshaya Tritiya.
| Photo Credit: R. Ravindran

Gold and silver purchases for Akshaya Tritiya gathered momentum on Wednesday (April 30, 2025) afternoon, with jewellers expecting sales volumes to remain steady despite record high prices.

The All India Gem and Jewellery Domestic Council (GJC) anticipates a 35% jump in value terms compared to last year.

Gold was trading at ₹98,550 per 10 grams (including taxes) in Delhi on Wednesday, up from ₹72,300 during last year’s festival.

Buying precious metal on Akshaya Tritiya is a tradition widely followed in south India that has gradually spread across the country with increased awareness.

“We expect gold sale to remain steady at last year’s level of 20 tonnes. However, in value terms, we see 35% increase in gold sale today,” GJC Chairman Rajesh Rokde told PTI.

Shopping began early in south India, while northern regions saw increased footfall in the latter half of the day. An unexpected trend emerged with higher demand for gold mangal sutras and chains, alongside brisk silver sales, particularly for utensils, he said.

With the wedding season commencing during Akshaya Tritiya, demand is expected to rise significantly in the coming days.

Rokde noted that even consumers aged 25-40 are buying gold and silver, an emerging trend amid sharp rises in precious metal rates. Consumers are purchasing jewellery, coins, and bars based on necessity and budget.

“Affordability has been impacted due to rise in gold prices. However, there is strong buying sentiment due to Akshaya Tritiya,” World Gold Council India CEO Sachin Jain said.

PNG Jewellers’ Chairman Saurabh Gadgil reported that nearly 50 per cent of purchases involve old gold exchanges, allowing customers to manage budgets while maintaining festival and wedding traditions.

Kama Jewelry Managing Director Colin Shah said, “Overall, a 10-15% rise is sales was witnessed as compared to last year.” GSI India Managing Director Ramit Kapur noted an uptick in studded jewellery across key Indian markets, while Aukera CEO Lisa Mukhedkar highlighted the growing importance of lab-grown diamonds during this year’s festival.

The Confederation of All India Traders projects sales of approximately 12 tonnes of gold worth ₹12,000 crore and 400 tonnes of silver valued at ₹4,000 crore, totalling an estimated Rs 16,000 crore in business.

Buying of gold will continue till late in the evening on Wednesday.

Experts observe that gold demand has remained resilient over the past three years despite reaching new price peaks.

India imports 700-800 tonnes of gold annually.

With the US economy shrinking unexpectedly during the first quarter of 2025, anticipations that the Fed will gradually introduce rate cuts are high.
Federal reserve policymakers, however, are unlikely to read too much into the first-quarter GDP decline, though traders believe clearer signs of economic weakness by June could prompt the central bank to start cutting interest rates again, potentially lowering them by a full percentage point before the year ends, Reuters reported.
Figures released by the US Commerce Department on Wednesday showed that the economy contracted at an annual rate of 0.3%, falling far short of forecasts and marking a sharp reversal from the 2.4% growth recorded in the last quarter of 2024. The downturn, which caught markets off guard, was fuelled by a jump in imports, slowing consumer spending, and weaker government expenditure.
“The downturn in real GDP in the first quarter reflected an upturn in imports, a deceleration in consumer spending, and a downturn in government spending,” the commerce department reported. Consumer spending alone slumped to a 1.8% annual pace, down from 4% in the previous quarter, highlighting the toll that economic uncertainty is taking on households.
The contraction has deepened concerns about the health of the US economy, with all three major Wall Street indices falling sharply in early trading. While Federal Reserve policymakers have so far brushed off the GDP decline, financial markets are now betting that the central bank will be compelled to act by June, should further signs of economic weakness emerge.
Earlier, Fed Chair Jerome Powell had said that the central bank would hold steady on interest rates while it waited for “greater clarity” on the economic impact of President Trump’s policies.
Trump’s tariff policies present a challenge for the Federal Reserve as it works to maintain price stability and full employment, and tackling the widespread discouragement due to the fall in GDP.