Gautam Adani: Accounts of Albula Investment Fund, Cresta Fund, and APMS Investment Fund have been frozen by NSDL.
NSDL banned the account of 3 foreign funds.
Shares of Adani Group plunged today.
This action was taken due to insufficient information about the ownership.
NSDL banned the account of 3 foreign funds
Nation Securities Department Limited has banned the account of 3 foreign funds. These funds have invested Rs 43,500 crore in the Adani Group company. As a result, shares of Adani Group companies have fallen sharply. NSDL has frozen the accounts of Albula Investment Fund, Cresta Fund, and APMS Investment Fund. These accounts have been frozen on or before May 31, according to the depository’s website.
Shares of Adani Group plunged today
Shares of Adani Group plunged today on the news. Shares of Adani Enterprises fell 15 percent to Rs 1,361.25. Adani Ports and Economic Zone 14 per cent, Adani Power 5 per cent, Adani Transmission 5 per cent, Adani Green Energy 5 per cent, Adani Total Gas 5 per cent.
This action was taken due to insufficient information about the ownership
According to a newspaper, the action was taken due to insufficient information about the ownership. The account freeze means that the fund will not be able to sell its own account or buy new shares. The depository, which handles foreign investors, said the action was taken because it did not provide enough information about the ownership of beneficiaries under the Anti-Money Laundering Act (PMLA). As a custodian, your clients are usually given prior notice. But if there is no response from the fund, strict action can be taken like freezing the account.
These 3 funds are from Mauritius
So far no statement has been issued by Adani Gupta in this regard. These 3 funds are from Mauritius and have been registered with SEBI as foreign portfolio investments. The trio jointly owns 6.82 percent in Adani Enterprises, 8.03 percent in Adani Transmission, 5.92 percent in Adani Total Gas, and 3.58 percent in Adani Green.