On Monday, the six-listed companies of Gautam Adani’s infrastructure & energy group lost over a trillion rupees of market value. The NSDL had frozen the accounts of three Foreign Portfolio Investors (FPIs) who were the substantial shareholders of worth $6 billion in these firms. There is a possibility of Cresta Fund, APMS Investment fund & Albula Investment Fund, the Mauritius-based trio of FPIs to be under regulatory scrutiny. The FPIs own concentrated holdings of Adani equity. The FPIs that held Adani shares were active & not barred from trading. But the three FPIs were spotted in the category of the frozen account on its website according to the five-year-old order by the Securities & Exchange Board of India asking to freeze specific beneficial accounts that received shares upon cancellation of global depository receipts issued by 51 other companies.
An Adani notification issued from NSDL says, “the below Demat accounts are in the ‘suspended for debit’ status in terms of SEBI order…dated June 16, 2016.”
NSDL’s website should be structured in such a way that it minimizes the scope of misinterpretation.
Source: Hindustan Times