Adani Group stocks hit lower circuit over Sebi, DRI investigation

By Administrator_ India

Capital Sands

Adani group stocks remained under pressure for the second consecutive day after Parliament was told that the Securities and Exchange Board of India and Directorate of Revenue Intelligence were investigating some of the group companies.

On July 19, the Minister of State for Finance Pankaj Chaudhary told Parliament that SEBI was investigating Adani Group companies for non-compliance with rules.

“SEBI is investigating some Adani Group companies with regard to compliance with SEBI Regulations. Further, the Directorate of Revenue Intelligence is investigating certain entities belonging to the Adani Group of Companies under laws administered by it,” Chaudhary said.

The Enforcement Directorate, however, was not carrying out any investigation into Adani Group, he added.

The minister also said three funds namely, Albula Investment Fund., Cresta Fund, and APMS Investment Fund were indeed frozen by SEBI in June.

“In a matter pertaining to issuances of Global Depository Receipt by certain Indian listed companies, SEBI vide Order dated June 16, 2016, had directed depositories to freeze particular beneficiary accounts of certain FPIs (foreign portfolio investors) including Albula Investment Fund Ltd, Cresta Fund Ltd, and APMS Investment Fund Ltd,” the minister said.

However, no order in respect of other beneficiary accounts of the three FPIs was passed by SEBI, he added.

A month ago, Adani Group had quashed reports about the National Securities Depository Ltd freezing three FPI accounts related to the group. Adani Group CFO Jugeshinder Singh told CNBC-TV18 that it was “a malicious attempt to push a patently false story”.

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