Vikrant Shekhawat : Jun 14, 2021, 10:54 AM
National Securities Depository Limited (NSDL) has banned the account of three foreign funds. These funds have invested Rs 43,500 crore in Adani Group companies. Because of this, shares of Adani group companies have dropped huge. NSDL has freeze the account of Albula Investment Fund, Cresta Fund and APMS Investment Fund. According to the Depository's website, these accounts have been free from May 31 or before.
Share of all listed companies brokenBecause of this news, the shares of Adani Group were beaten today. The shares of Adani Enterprises reached 15 per cent to Rs 1361.25. 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 broke.So far no statement has come from the Adani Group. These three funds are of Mauritius and they have been registered as foreign portfolio investors (FPIs) in SEBI. Three jointly 6.82 percent in Adani Enterprises, 8.03 per cent in Adani Transmission, 5.92 per cent in Adani Total Gas and 3.58 per cent in Adani Green.
Why action takenAccording to Economic Times, this action has been taken due to not giving adequate information about the Orichip. Being an account is meant that these funds can now sell their account shares or buy new shares.Depository, who handled foreign investors, said that this action has been taken due to lifting adequate information about the ownership of these accounts under the Money Lodring Act (PMLA). Castodian usually gives its customers notice before such action, but strict action is taken as a freezing account if no response from the fund is done.
Share of all listed companies brokenBecause of this news, the shares of Adani Group were beaten today. The shares of Adani Enterprises reached 15 per cent to Rs 1361.25. 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 broke.So far no statement has come from the Adani Group. These three funds are of Mauritius and they have been registered as foreign portfolio investors (FPIs) in SEBI. Three jointly 6.82 percent in Adani Enterprises, 8.03 per cent in Adani Transmission, 5.92 per cent in Adani Total Gas and 3.58 per cent in Adani Green.
Why action takenAccording to Economic Times, this action has been taken due to not giving adequate information about the Orichip. Being an account is meant that these funds can now sell their account shares or buy new shares.Depository, who handled foreign investors, said that this action has been taken due to lifting adequate information about the ownership of these accounts under the Money Lodring Act (PMLA). Castodian usually gives its customers notice before such action, but strict action is taken as a freezing account if no response from the fund is done.