NSDL Says Foreign Funds Accounts Not Frozen in Adani Case

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NSDL Says Foreign Funds Accounts Not Frozen in Adani Case

By Aditya Raghunath

Investing.com -- In a new twist to the Adani (NS: APSE ) foreign fund investors case, the National Securities Depository Ltd (NSDL) said that the fund accounts are frozen but the freezing is not related to Adani companies.

Media reports on June 14 said that three foreign portfolio investor (FPI) funds based out of Mauritius: Albula Investment Fund, Cresta Fund and APMS Investment Fund had their accounts frozen by NSDL. These funds together own shares worth more than Rs 43,500 crore in Adani Group companies: Adani Enterprises Ltd (NS: ADEL ), Adani Green Energy Ltd (NS: ADNA ), Adani Transmission Ltd (NS: ADAI ), and Adani Total Gas Ltd (NS: ADAG ).

A Moneycontrol report said that a senior NSDL official told them that NSDL has frozen accounts of these three funds but the suspension is with regards to some specific accounts and were frozen in June 2016. The report said, “These specific accounts were frozen on orders of the Securities and Exchange Board of India (SEBI) in an unrelated case and have nothing to do with Adani Group companies.”

Just because the accounts have been frozen by NSDL doesn’t mean that they can’t trade in Indian securities. They are free to trade in shares of Adani Group companies. However, these accounts will continue to appear as frozen on the NSDL website.

An email sent by NSDL to Adani says, “The status of demat accounts mentioned in your trail email are held in ‘active” status in NSDL system.”

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  • Ajay Uppal @Ajay Uppal
    Ha ha ha, It appears like Ice Cream - Cold but not Frozen
    Like 0
  • Zahid Paniwala @Zahid Paniwala
    If one can trade what is the meaning of frozen account
    Like 2
  • Himanshu Sharma @Himanshu Sharma
    what is show in NSDL website
    Like 0
  • Jagan nathan @Jagan nathan
    what's the outcome
    Like 0
  • Jagan nathan @Jagan nathan
    what's the outcome
    Like 0
  • Hrishikesh Soundankar @Hrishikesh Soundankar
    Stock is not manipulate news is
    Like 2
  • Vinay Yadav @Vinay Yadav
    great
    Like 0

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