NSDL Frozen Three Fpi Accounts Which Holds 43500 Crore Adani Group Stocks – 43500 Crore Investment in Adani Group on Radar; NSDL freezes accounts of three foreign investors Maharashtra Times

Mumbai: The National Securities Depository Limited (NSDL) has frozen the accounts of three major institutional investors, alleging that it withheld ownership and beneficiary information. The accounts of three foreign funds, Abdullah Investment Fund, Cresta Fund and APMS Investment Fund, have been frozen. The three companies have invested Rs 43,500 crore in the Adani Group. The move by NSDL will not allow these companies to buy or sell Adani Group shares immediately.

The National Securities Depository Limited (NSDL) has provided information on its website. Before May 31, 2021, the accounts of three foreign funds – Abdullah Investment Fund, Cresta Fund and APMS Investment Fund – have been frozen. NSDL has pointed out that it has given insufficient information about ownership and beneficiaries. The action has been taken by the depository under the Money Laundering Act. The dilemma of big investors in the Adani group is being considered as a blow to the Adani group.

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In particular, all the three funds are registered with SEBI as foreign institutional investors. Their headquarters is shown in Mauritius. NSDL had issued a notice to submit strong documents regarding ownership. Companies were warned to freeze their accounts if they did not do so.

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The three fund companies have bought 6.82 per cent stake in Adani Enterprises. Adani Transmission has 8.03 per cent, Adani Total Gas 5.92 per cent and Adani Green 3.58 per cent. The same companies have the following stakes in the promoters of the Adani Group. Adani promoters have a 74.92 per cent stake in Adani Transmission. Adani Enterprises has a 74.92 per cent stake, Adani Total Gas has a 74.80 per cent stake and Adani Green has a 56.29 per cent stake.

SEBI’s new rules require foreign institutional investors to submit KYCs under the PMLA Act. The deadline was given till 2020. These funds have not submitted documents and their accounts have been frozen.

The rise in Adani’s stock has made SEBI wary
Over the past year, almost all the shares in entrepreneur Gautam Adani’s Adani Group have risen sharply. Shares of Adani Group have risen 200 to 1,000 per cent over the past year. The cause of the surge is being investigated by the capital markets regulator SEBI. The investigation is underway since 2020. However, SEBI did not respond.