By Jayshree P Upadhyay
BENGALURU (Reuters) – India’s markets regulator has examined the funds named by a non-profit media organisation that were allegedly involved in investing millions of dollars in some publicly traded stocks of Adani Group, sources aware of the matter said on Thursday.
According to the Organised Crime and Corruption Reporting Project (OCCRP), offshore structures based in Mauritius purchased between 8% and 14% of shares in four Adani Group units – Adani Power, Adani Enterprises, Adani Ports, and Adani Energy Solutions (formerly known as Adani Transmission).
OCCRP had named two Mauritius-based offshore funds, Emerging India Focus Fund (EIFF) and EM Resurgent Fund (EMRF), major investors in some Adani Group companies through a Bermuda-based investment fund called Global Opportunities Fund.
The group has rejected the report.
The funds named in the report are already part of a regulatory investigation into the group’s potential violations of public float norms and any new facts will be considered by the regulator, sources said.
The Securities and Exchange Board of India (SEBI) did not immediately respond to a Reuters query.
On Thursday, 36 One, which acted as the investment manager to the two funds named, said that they are compliant with all applicable laws.
“In neither of these two funds, the Adani Group or any of the individuals mentioned in the article, are investors,” 36 One said in a statement to stock exchanges. “These funds as on date have zero investments in any of the shares of the Adani Group.”
The funds have had investments in Adani Group companies in the past, all of which were sold in 2018, it added.
(Reporting by Jayshree P Upadhyay; Editing by Janane Venkatraman and Dhanya Ann Thoppil)