Mumbai. National Securities Depository Ltd has frozen the accounts of three foreign funds Albula Investment Fund, Cresta Fund and APMS Investment Fund. He has shares worth more than Rs 43,500 crore in 4 companies of Adani Group. After this action of NSDL, difficulties have increased for the Adani Group led by billionaire businessman Gautam Adani.
All three funds hiding information
These three foreign funds were not updating their information under the changed new rules. Also, many important information were hidden. On the other hand, according to media reports, SEBI is also investigating whether price manipulation has been done in the shares of Adani Group. That is, the wild increase in the prices of the shares was not done through any manipulation.
Adani’s stock price rise too sharply on the radarIn the last one year, the shares of Adani Group have seen an increase of 200-1000 percent. According to sources, the connection between all the incidents and the whole matter is on SEBI’s radar. An expert in the matter said that SEBI had started an investigation into the issue of wildly rising Adani shares in 2020, which is still going on.
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These three funds hold 6.82 per cent in Adani Enterprises, 8.03 per cent in Adani Transmission, 5.92 per cent in Adani Total Gas and 3.58 per cent in Adani Green. Under the Prevention of Money Laundering Act, it is necessary to give complete information about beneficial ownership. But these funds were not giving information.
According to a Business Daily report, these three funds are registered with SEBI as foreign portfolio investors. They are registered at the same address in the city of Port Louis, Mauritius. They don’t even have their own website.
probe into stock price manipulation
In 2019, the capital markets regulator made the KYC documentation for FPIs as per the PMLA. The funds were given time to comply with the new rules till 2020.
SEBI said that the accounts of funds that do not comply with the new rules will be frozen.
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According to the new rules, FPIs had to provide some additional information. These included disclosure of common ownership and personal details of key employees such as fund managers. But these three funds were not giving this information. Sources say that the connection between these funds and the huge increase in the share price of Adani Group is also on the radar. If these funds do not give ownership information, then this matter will become more serious.
Let us tell you that 6 companies of Adani Group are listed in the market. Which also includes Adani Port and Adani Power. Due to this news, today’s early trading Adani Green, Adani Transmission and Adani Gas hit the lower circuit of 5 percent on NSE. On the other hand, Adani Enterprises saw a decline of 20 percent.
Emails sent to NSDL, SEBI and Adani Group in this regard did not elicit any response. Albula Investment Fund, Cresta Fund and APMS Investment Fund could not be contacted.