SEBI Uncovers Offshore Fund Violations in Adani Group Investments
Moneylife Digital Team 23 April 2024
According to a Reuters report, India’s market regulator Securities and Exchange Board of India (SEBI), has found that a group of offshore funds investing in companies under the Adani umbrella have breached disclosure regulations and exceeded investment thresholds. These insiders, preferring anonymity as they lack authorisation to engage with the media, revealed the findings. 
 
It was previously reported by Reuters that SEBI had detected breaches in disclosure requirements for publicly listed entities and the limits imposed on offshore fund investments back in August of last year.
 
Moreover, the regulator has been scrutinising the relationship between the Adani group and one of these funds to ascertain whether there’s evidence of coordinated action with the conglomerate’s principal stakeholders—a claim Adani has consistently refuted. 
 
Earlier this year, SEBI issued notifications to approximately 12 offshore investors associated with the Adani group outlining the alleged violations and requesting explanations regarding their non-compliance with disclosure rules and investment ceilings, as disclosed by the sources. 
 
“One of the key concerns highlighted by the regulator pertains to how these offshore funds have been reporting their investments in Adani group entities at an individual fund level, whereas SEBI sought disclosure at a consolidated offshore fund group level,” the first source explained. 
 
Reportedly, eight of these offshore funds have expressed their intention to settle the charges through written requests to SEBI, proposing to pay a penalty without admitting any wrongdoing. 
 
Comments
saran2sai
2 months ago
I have been paid subscriber since 2011 (except for a year two before 2024) and for the first time, after a break of 2 years, i found that most of the articles related to investors are blocked for access by the paid subscriber. Out of the need of knowledge and facts of assets for which this moneylife magz exists, data on financial assets like stocks are inclusive and very important. I do not understand who will pay subscrition of Rs.1925 for one year for information without capital market articles ?
sucheta
Replied to saran2sai comment 2 months ago
Mr Saran as a paid subscriber you will know this is factually untrue. In fact, the blocked articles are ONLY visible to paid subscribers. We acknowledge that you are having a problem at this time ; it is because we faced a cyber attack a couple of weeks ago. Even MY access was blocked. We have sorted it out. There is a simple solution to it. Most subscribers found the way themselves. Those who could not, wrote to us at the appropriate email: [email protected] and the issue was instantly resolved. We are sorry you have faced it, the cyber attack was outside our control. It is a pity that after knowing the magazine and its writing since 2011 you have straight-away jumped to the worst possible conclusion instead of asking us about it.
sucheta
Replied to sucheta comment 2 months ago
I must also mention that we had announced the cyber attack and the issues we had faced to all our readers. You have clearly missed that mailer and announcement. Our subscription department will also be responding to your many messages to the "news" email. We will also be happy to refund your subscription, since you are so unhappy and negative about the incident.
saran2sai
Replied to sucheta comment 2 months ago
You see ma'm i was not using moneylife for about one year. Suddenly i remembered and paid subscription two days ago . The access was also erratic and irregular. After a while i posted above message and sent email also.
soumyadutta.delhi
2 months ago
This was so clear from even before Hindenburg report. SEBI consistently tried to hide this - under instructions from the political bosses, who are Adani beneficiaries (no prize for guessing right).
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