SEBI rejects settlement bids by Adani-linked funds
SEBI rejected settlement bids from 13 Adani‑linked overseas funds over non‑compliant terms.Summary
SEBI told representatives of 13 overseas funds that it rejected their settlement applications because the proposed terms did not meet regulatory requirements. The funds, which hold significant stakes in Adani Group companies such as Albula Investment Fund, Cresta Fund, Asia Investment Corporation (Mauritius), APMS Investment Fund, Elara India Opportunities Fund, Vespera Fund and LTS Investment Fund, had been involved in a 2020 probe into whether they were genuine public shareholders or acting for Adani founders. Some refused to provide required information or to disgorge money, while others resisted SEBI’s demands. The case is part of a broader investigation cited by Hindenburg Research in 2023, which alleged corporate malpractice at Adani; the conglomerate has denied any wrongdoing. The regulator had previously asked certain global funds to defend themselves against possible disclosure violations in 2024.
(Source：The Hindu - Business Line)