Sebi rejects settlement applications by 13 foreign funds in Adani probe
Sebi rejected settlement applications from 13 foreign funds linked to Adani Group after their offers fell short of regulator requirements.Summary
The Securities and Exchange Board of India told representatives of 13 foreign portfolio investors that it had rejected their settlement applications in an investigation dating back to 2020 into whether the funds were genuine public shareholders or entities acting for Adani Group founders, according to the Economic Times. Sebi said the funds proposed terms fell short of its requirements, with some unwilling to provide necessary information and others resisting demands to disgorge money. The regulator, Adani Group and the investors did not respond to requests for comment. The probe, which was highlighted by Hindenburg Research 2023 short seller report, is part of a broader Sebi effort since 2024 to ensure compliance with disclosure norms, and the funds have since reduced their holdings in Adani Group companies.
(Source：Business Standard)