India’s market regulator Securities and Exchange Board of India (SEBI) and customs authorities are investing in some of the Adani Group entities for non-compliance with Directorate of Revenue Intelligence (DRI) rules, Minister of State for Finance Pankaj Choudhary told Parliament on Monday. Told.
“SEBI is probing certain Adani Group companies with regard to their compliance with SEBI Regulations. In addition, the Directorate of Revenue Intelligence (DRI) is probing certain entities related to the Adani Group of Companies under the laws administered by it.” However, Choudhary said that the Enforcement Directorate is not investigating these companies.
This was a reply to questions asked by Lok Sabha member Mahua Mitra in the ongoing monsoon session of Parliament. However, the minister did not specify which companies were involved.
The government further clarified that the three foreign portfolio investors – Albula Investment Fund Ltd., Cresta Fund Ltd., Appams Investment Fund Ltd. – were not on the frozen list of securities depositories of the country in respect of their investments in Adani group companies. “In a matter relating to the issue of Global Depository Receipts (GDRs) by certain Indian listed companies, SEBI vide order dated June 16, 2016 directed the depositories to freeze the Special Beneficiary Accounts of certain FPIs including Albula Investment Fund Ltd., Cresta Fund Ltd. , and APMS Investment Fund Ltd,” the minister told Parliament. However, no order has been passed by SEBI in respect of other beneficiary accounts of these three FPIs, he said. Earlier, NSDL had issued a clarification saying that these accounts have not been frozen. Adani companies case
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