Sebi asks for ultimate beneficial owners' information in Adani firms
Published On: Wednesday, July 28, 2021 | By: Team KnowMyStock
SEBI has written to the custodians of foreign portfolio investors (FPIs) owning shares in six Adani Group firms, seeking information on their ultimate beneficial owners (UBO). These funds include Albula Investment Fund, Cresta Fund, and APMS Investment Fund. A bulk of India investments of these firms is concentrated in Adani Ports and Special Economic Zone, Adani Enterprises, Adani Green Energy, Adani Power, Adani Transmission, and Adani Total Gas. Regulatory sources said the capital markets regulator is looking into the holding structure of these foreign-based funds to ensure there is compliance with Sebi regulations.
The regulator is learnt to have directed the custodians to furnish UBO details, both on the basis of ‘control’ and ‘ownership’, said sources, adding that the Sebi communiqué was sent last week. The custodians are directed to provide information in 15 days.
A spokesperson for Adani Group said, “We are not aware of any communication from Sebi to the custodians with regard to the matter. This is pertaining to the relevant FPIs and the regulator should be in a better position to offer the desired clarification."
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