Image Credits: Hindustan Times
Image Credits: NSDL
The National Securities Depository Ltd (NSDL) has suspended the accounts of three Foreign Portfolio Investors (FPI), namely, Albula Investment Fund, Cresta Fund, and APMS Investment Fund. Together these companies have over Rs 43,500 crore worth of shares which are spread across four Adani Group companies which are, Adani Enterprises, Adani Green Energy, Adani Transmission, and Adani Total Gas. A depositary website has mentioned that these accounts were frozen on or before May 31. The reason for the freezing of these accounts has not been disclosed yet but there are speculations that it could be because of inadequate disclosure of information concerning beneficial ownership as per the Prevention of Money Laundering Act (PMLA).
The three above-mentioned funds are registered with the SEBI as foreign portfolio investors (FPIs) and are based out of Mauritius and have no online presence in terms of websites. The fund of these three companies cumulatively holds 6.82% in Adani Enterprises, 8.03% in Adani Transmission, 5.92% in Adani Total Gas, and 3.58% in Adani Green. Over the last year, the shares of Adani Transmission have increased by 669%, Adani Total Gas shares have advanced by 349%, Adani Enterprises shares have towered 972% and Adani Green has gained 254%.
The securities exchange board of India (SEBI) is as per reports investigating if there has been price manipulation in Adani Group stocks, in turn causing them to have gained between 200% and 1000% in the past year