Sebi determines that Adani offshore investors violated the disclosure requirements: Report

Sebi determines that Adani offshore investors violated the disclosure requirements: Report

According to the sources, eight of these offshore funds have filed requests to the regulator to resolve the allegations by paying a fine without acknowledging any wrongdoing.

The offshore funds disclosed, at the fund level, their investments in Adani group enterprises. The first of the two sources said that the regulator desired the disclosure of holdings at the offshore fund group level.

According to two persons with firsthand knowledge of the situation, India's markets regulator discovered on Monday that twelve offshore funds involved in Adani group firms violated disclosure regulations and investment limitations.

Due to their lack of authorization to communicate with the media, they refused to be identified.

In response to emails seeking comment, neither the Adani Group nor the Securities and Exchange Board of India (SEBI) responded right away.

In August of last year, Reuters was the first to disclose that SEBI had discovered violations of the regulations governing listed businesses' transparency requirements and the shareholding restrictions for offshore funds.

Adani Group has already refuted allegations that it was operating "in concert" with the conglomerate's major owners. The regulator was also investigating the Adani Group's relationship with one of the funds.

According to the sources, the regulator issued warnings early this year to twelve overseas investors in the Adani group, detailing the allegations and requesting an explanation from them about the disclosure violations and investment limit breaches.

The offshore funds disclosed at the individual fund level their investments in Adani group firms. The first of the two sources said that the regulator desired the disclosure of holdings at the offshore fund group level.

According to the sources, eight of these offshore funds have filed requests to the regulator to resolve the allegations by paying a fine without acknowledging any wrongdoing.