Account freeze of 3 foreign funds investing 43,500 crores in Adani Group

National Securities Depository Limited (NSDL) has frozen the accounts of three foreign funds. These funds have invested Rs 43,500 crore in Adani Group companies. Due to this there has been a huge fall in the shares of Adani Group companies. NSDL has frozen the accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund. According to the website of the depository, these accounts have been frozen on or before May 31.

Shares of all the listed companies were broken, Due to this news, the shares of Adani Group were in shambles today. Shares of Adani Enterprises fell 15 per cent to Rs 1361.25. Adani Ports and Economic Zone fell by 14 per cent, Adani Power by 5 per cent, Adani Transmission by 5 per cent, Adani Green Energy by 5 per cent,

Adani Total Gas by 5 per cent. So far, there has been no statement from the Adani Group regarding this. All these three funds are from Mauritius and are registered with SEBI as Foreign Portfolio Investors (FPIs). The three combined together hold 6.82 per cent 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.

According to the Economic Times, This action has been taken due to not giving enough information about the ownership. The account freeze means that these funds can no longer sell the shares in their account or buy new shares. The depositories handling foreign investors said that the action has been taken due to non-disclosure of sufficient information about the ownership benefiting from these accounts under the Anti-Money Laundering Act (PMLA). Custodians usually give notice to their clients before such action, but if there is no response from the fund, strict action is taken like freezing the account.

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