India’s market regulator Securities and Exchange Board of India (Sebi) and customs authorities Directorate of Revenue Intelligence (DRI) are investing some entities of Adani Group for non-compliance of rules, Minister of state for finance Pankaj Chaudhary told Parliament on Monday.
“SEBI is investigating some Adani Group companies with regard to compliance with SEBI Regulations. Further, the Directorate of Revenue Intelligence (DRI) is investigating certain entities belonging to the Adani Group of Companies under laws administered by it," Pankaj Chaudhary told Parliament in a written reply. However, Chaudhary added that the enforcement directorate is not probing these companies.
It was a response to questions posed by Lok Sabha member Mahua Mitra in the ongoing monsoon session of the Parliament. However, the minister did not name which companies were involved.
The government further clarified that the three foreign portfolio investors — Albula Investment Fund Ltd, Cresta Fund Ltd, Apms Investment Fund Ltd — were not in the frozen list of the country’s securities depository in relation to their investment in Adani Group companies. “In a matter pertaining to issuances of Global Depository Receipt (GDR) by certain Indian listed companies, SEBI vide Order dated June 16, 2016 had directed depositories to freeze particular 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 in respect of other beneficiary accounts of these three FPIs has been passed by SEBI, he added. Earlier, NSDL issued a clarification saying that these accounts are not frozen in the case of Adani companies.