India’s market regulator, the Securities and Exchange Board of India (Sebi), uncovered that twelve offshore funds investing in Adani Group companies had breached disclosure regulations and exceeded investment limits, as reported by Reuters, citing unnamed sources.
Reuters had first reported that Sebi had discovered breaches of disclosure rules by listed entities and offshore funds exceeding investment limits in August last year.
Furthermore, it was investigating the Adani Group’s relationship with one of the funds to determine if there was potential coordination with the conglomerate’s primary shareholders, an allegation previously denied by Adani.
