Probes into Adani firms nearly over, Sebi tells SC
stock prices, 13 are on Adani Group’s alleged failure to disclose related party transactions, and eight related to possible violations of Sebi’s foreign portfolio investment rules, substantial share acquisition norms and insider trading regulations. The market regulator said it has thoroughly analyzed trading patterns to assess possibilities of price manipulation.
While doing so, Sebi has also scrutinized trading by three clusters of FPIs. The regulator analyzed data on 347 million trades in seven Adani firms—Adani Enterprises, Adani Ports & SEZ Ltd, Adani Green Energy Ltd, Adani Transmission Ltd, Adani Power Ltd, Adani Total Gas Ltd and Adani Wilmar Ltd—between 1 March 2020 and 31 December 2022 for suspected stock price manipulation.
For assessing the fairness of related party transactions at Adani Group, Sebi investigated certain transactions between Adani group firms and Adani Infrastructure Management Services Ltd; transactions entered into between Krunal and Sunbourne in 2008-09 and subsequent transactions between Sunbourne and group’s listed flagship Adani Enterprises Ltd in FY20. Also, the regulator analyzed a transaction between Gardenia Trade and Investments Ltd and Adani Infra (India) Ltd.
(AIIL), and a subsequent loan transaction by AIIL with group firms including Adani Enterprises and Adani Power Mundra Ltd. Sebi said it has also probed a transaction by AIIL with Rehvar Infrastructure Pvt Ltd and Milestone Tradelinks Pvt Ltd.
Post this, a loan transaction by AIIL with Adani Enterprises and APML was also analysed for possible breach of RPT norms. Further, Sebi has probed transactions involving PMC Projects (India) Pvt Ltd; a transaction between Adani Power Ltd (APL) and Growmore Trade and Investment Ltd; and a
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