Courtesy: BusinessToday
Stocks of Adani group companies has taken a beating in the morning trade on Monday, June 14 after reports of the NSDL freezing three Foreign Portfolio Investors’ (FPIs) accounts which owns the shares in four of the listed Adani firms emerged.
According to the reports of Economic Times says that, NSDL has frozen the accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund, which altogether owns more than Rs 43,500 crore worth of shares in Adani Enterprises, Adani Green Energy, Adani Transmission and Adani Total Gas. As per the report on the depository’s website, these accounts were frozen on or before May 31.
An account which is frozen it means that the funds are not be able to sell any of the existing securities nor buy any new securities.
SEBI has been reportedly investigating whether it has seen a price operation in Adani Group stocks, which has been achieved between 200 and 1,000 percent in the last one year.
SEBI has also revised the KYC documentation for FPIs and allowed a specific time till 2020 to cope-up with the new norms. The regulator has been looking for additional information from FPIs, which includes disclosures of common ownership and personal details for key employees.
The founder of Adani Group Mr. Gautam Adani has become the second wealthiest person in Asia after the recent surge in group stocks.