NSDL Freezes 3 FPI Accounts Whose 95% of Net Worth Comes from Adani Stocks

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NSDL Freezes 3 FPI Accounts Whose 95% of Net Worth Comes from Adani Stocks
Credit: © Reuters.

By Aditya Raghunath

Investing.com -- The National Securities Depository Ltd (NSDL) has frozen three foreign portfolio investor (FPI) accounts: Albula Investment Fund, Cresta Fund and APMS Investment Fund. Collectively, these three funds own over Rs 43,500 crore worth of shares in Adani Enterprises Ltd (NS: ADEL ), Adani (NS: APSE ) Green Energy Ltd (NS: ADNA ), Adani Transmission Ltd (NS: ADAI ) and Adani Total Gas Ltd (NS: ADAG ).

A report in the Economic Times said that these accounts were suspended by NSDL around May 31. The report said, “The freeze on the three accounts could be because of insufficient disclosure of information regarding beneficial ownership as per the Prevention of Money Laundering Act (PMLA), said top officials at custodian banks and law firms handling foreign investors.”

Freezing accounts implies that these funds can’t buy or sell any securities. All three funds are registered in Mauritius and all of them have a common registered address at Port Louis. They don’t have any websites. Together, these funds hold 6.82% in Adani Enterprises, 8.03% in Adani Transmission, 5.92% in Adani Total Gas and 3.58% in Adani Green.  

An April 26 report in The Morning Context had first highlighted these funds. The report said, 95% of Albula Investment Fund’s net worth comes from Adani Group stocks. “For Cresta Fund, 97% of its net worth is from just three Adani group companies, while 96% of APM Investment Fund Ltd’s net worth comes from four Adani companies.”

 

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  • Tridip Karmakar @Tridip Karmakar
    This was a Blab and Grab stratergy
    Like 0
  • atul sarawagi @atul sarawagi
    When panic set in buy stock and sell same day with 35% from bottom . As Adani is top company in list it will come back on clarification .
    Like 3
  • mathew jacob @mathew jacob
    avoid Adani
    Like 3
    • Patel Manish @Patel Manish
      avoid all satta script
      Like 0
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